US Pres. Biden team weighs a massive oil release to combat inflation, oil heavily offered

Ross J Burland FXStreet

US Pres. Biden's team weighs a massive oil release to combat inflation and oil is heavily offered as the administration figures to release 1 million barrels of oil per day for months. The total release may be as much as 180 million barrels, the people said.

Meanwhile, President Joe Biden will give remarks on Thursday on his administration's actions to reduce gasoline prices in the United States, the White House said, as Russia's invasion of Ukraine and sanctions on Moscow have driven up the cost of oil.

President Biden recently announced a ban on Russian oil imports into the US, amid growing calls from bipartisan lawmakers to take action. The US will also ban imports of Russian natural gas and other energy sources, Biden said.

As a result, CAD is offered and oil has sunk 5.4%.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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