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8/4, 6:07 PM (Source: TeleTrader)
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Oil drops 3%, Biden takes credit for decline

Crude prices continued to fall on Thursday with both Brent and West Texas Intermediate (WTI) hitting the lowest levels since the start of Russia's intervention in Ukraine.

United States President Joe Biden took to Twitter to take credit for the decline in oil prices. "Putin is still waging his war in Ukraine, putting pressure on global oil supply, and families can feel it. But we stepped up to release one million barrels of oil a day from our Reserve, and rallied our global partners to release from theirs. Now, prices are on a record decline," he tweeted.

Brent for settlements in October slid 3.10% to sell for $93.79 per barrel at 11:55 am ET and WTI for September delivery lost 2.87% to go for $88.10 per barrel at the same time.

Baha Breaking News (BBN) / NP