# Oil prices sink as Joe Biden announces largest-ever release of emergency US oil supplies, ASX edges lower - ABC News

> Oil prices fell sharply after President Biden announced the largest-ever release of 180 million barrels from U.S. strategic reserves over six months. Brent fell 0.4% to $104.20 and WTI dropped 0.7% to $99.50 after large overnight declines.

- Date: 2022-03-31 · published 2022-03-31T12:00:00.000Z
- Category: policy · region US · magnitude high
- Page: https://feedsoft.ai/events/11049-oil-prices-sink-as-joe-biden-announces-largest-ever-release-of-emergency-us-oil
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The record reserve release is aimed at lowering U.S. fuel prices by adding supply to the market. Even after the drop, crude remains roughly 40% above its level at the start of the year, so the policy shifts near-term supply expectations.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2022-04-01 | 5 | -13.5% | -3.3 | It confirms the large drop after Biden's 180 million barrel release announcement, a supply-side bearish driver. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-03-11 | [Oil prices fall as WSJ says IEA proposes largest oil stock release ever \| Reuters](https://feedsoft.ai/events/6632-oil-prices-fall-as-wsj-says-iea-proposes-largest-oil-stock-release-ever-reuters.md) | +14.9% | +14.3% |
| WTI | 2021-11-24 | [Oil prices drop as coordinated reserve release eases some supply fears](https://feedsoft.ai/events/4776-oil-prices-drop-as-coordinated-reserve-release-eases-some-supply-fears.md) | -16.5% | -7.1% |
| WTI | 2022-03-31 | [Opec+ sticks to output rise plans for May as US announces release of record oil reserves \| The National](https://feedsoft.ai/events/42176-opec-sticks-to-output-rise-plans-for-may-as-us-announces-release-of-record-oil.md) | -10.6% | -2.2% |
| WTI | 2018-05-25 | [Oil dives as OPEC signals plan to boost supplies \| AP News](https://feedsoft.ai/events/64938-oil-dives-as-opec-signals-plan-to-boost-supplies-ap-news.md) | -7.0% | -2.7% |
| WTI | 2022-04-06 | [Oil slumps to three-week low after Fed minutes, big IEA reserve release announcement \| Reuters](https://feedsoft.ai/events/41761-oil-slumps-to-three-week-low-after-fed-minutes-big-iea-reserve-release.md) | -1.4% | +5.7% |
| BRENT | 2026-03-11 | [Oil prices fall as WSJ says IEA proposes largest oil stock release ever \| Reuters](https://feedsoft.ai/events/6632-oil-prices-fall-as-wsj-says-iea-proposes-largest-oil-stock-release-ever-reuters.md) | +19.2% | +21.1% |
| BRENT | 2021-11-24 | [Oil prices drop as coordinated reserve release eases some supply fears](https://feedsoft.ai/events/4776-oil-prices-drop-as-coordinated-reserve-release-eases-some-supply-fears.md) | -14.7% | -11.4% |
| BRENT | 2022-03-31 | [Opec+ sticks to output rise plans for May as US announces release of record oil reserves \| The National](https://feedsoft.ai/events/42176-opec-sticks-to-output-rise-plans-for-may-as-us-announces-release-of-record-oil.md) | -11.9% | -6.8% |

## Sources

- abc.net.au: https://www.abc.net.au/news/2022-04-01/asx-slip-oil-drop-joe-biden-strategic-petroleum-reserve/100957454

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.