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3/31, 8:47 PM (Source: TeleTrader)
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WTI plunges 7% after Biden plan announcement

Oil futures extended losses with West Texas Intermediate (WTI) dropping 7% after United States President Joe Biden announced a plan to tackle rising energy prices.

Biden said the US will release 1 million barrels per day from oil reserves for the next six months and that he will urge Congress to make companies pay fees on unused wells and leases in an effort to make them pump more oil. Biden added that, as a result of his actions, gasoline prices in the US could fall between $0.10 and $0.35 per gallon.

WTI for deliveries in May plummeted 7.38% to sell for $99.69 per barrel at 2:29 pm ET and Brent for settlements in May lost 5.43% to go for $107.29 per barrel at the same time.

Baha Breaking News (BBN) / NP