3/31, 7:14 AM (Source: TeleTrader)
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Oil plunges 5% amid US supply fears, China lockdowns

Prices of crude oil futures tumbled over 5% on Thursday after reports by multiple media hinted that United States President Joe Biden is considering the biggest-ever release from the nation's strategic petroleum reserve to ensure stable prices.

Meanwhile, the traders were worried about the spread of the coronavirus in China, as the authorities conducted massive testing in some of the Asian country's most populous cities.

West Texas Intermediate for May deliveries dived 5.73% at 1:02 am ET, selling for $101.64 per barrel, while Brent for settlements in the same month tumbled dropped 4.88% at 1:09 am ET, going for $107.91 per barrel.

Baha Breaking News (BBN) / BU