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Friday, April 1, 2022

Oil set for biggest weekly losses in 2 yrs after stockpile release

Oil extended losses on Friday as members of the International Energy Agency (IEA) agreed to join in the largest-ever US oil reserves release. After US President Joe Biden announced the release on Thursday, prices slumped 7% and both benchmarks were on course for their biggest weekly falls in two years, at 14% and 13% respectively.

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