The White House announced, on Tuesday, that US President Joe Biden decided to resort to releasing quantities of the strategic oil reserves in coordination with other countries.
The White House said : “(The quantity) will be released in parallel with other energy consuming countries, including China , India, Japan, the Republic of Korea and the United Kingdom.
The US decision is part of a plan reached with major Asian energy consumers to reduce energy prices.
Following the White House announcement, US West Texas crude fell $1.38, or 1.8 percent, to $75.37 a barrel.
Earlier, reports indicated that the United States , Japan and India will release crude oil reserves to lower prices despite the risk of faltering demand due to the spread of coronavirus cases in Europe