# Sharp decline in crude oil prices – EnergyScan

> Brent fell below $103 a barrel and WTI traded near $98.50 after the Biden administration announced a draw of about 1 million barrels a day from strategic reserves for roughly six months, totaling 180 million barrels. The President also asked allied countries to add 30 to 50 million barrels of their own reserves.

- Date: 2022-04-01 · published 2022-04-01T12:00:00.000Z
- Category: policy · region US · magnitude high
- Page: https://feedsoft.ai/events/11050-sharp-decline-in-crude-oil-prices-energyscan
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The planned reserve draw adds supply to a market already pressured by demand concerns in China, Europe and the U.S. The coordinated release pushes prices lower in the near term.

## 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 | Brent fell below $103 on the 1 mb/d reserve draw and the request for allies to add 30-50 million barrels, which increases expected supply. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-05-29 | [Oil sharpens decline on prospects of Russian, OPEC production bumps](https://feedsoft.ai/events/65176-oil-sharpens-decline-on-prospects-of-russian-opec-production-bumps.md) | -4.6% | +2.0% |
| WTI | 2019-04-26 | [Oil sinks 3% as Trump again pressures OPEC to lower crude prices](https://feedsoft.ai/events/8093-oil-sinks-3-as-trump-again-pressures-opec-to-lower-crude-prices.md) | -5.3% | -11.5% |
| WTI | 2022-03-08 | [Oil Prices for Mar. 09, 2022: Brent Crude, WTI - Bloomberg](https://feedsoft.ai/events/5779-oil-prices-for-mar-09-2022-brent-crude-wti-bloomberg.md) | -13.5% | -13.4% |
| WTI | 2019-03-01 | [Crude Oil Prices Fall On Trump's OPEC Tweet But U.S. Shale Boom Continues](https://feedsoft.ai/events/60777-crude-oil-prices-fall-on-trump-s-opec-tweet-but-u-s-shale-boom-continues.md) | -1.0% | +3.6% |
| WTI | 2018-06-23 | [The AEC welcomes OPEC decision to raise oil production - African Energy Chamber](https://feedsoft.ai/events/64449-the-aec-welcomes-opec-decision-to-raise-oil-production-african-energy-chamber.md) | +7.6% | -1.4% |
| BRENT | 2018-05-29 | [Oil sharpens decline on prospects of Russian, OPEC production bumps](https://feedsoft.ai/events/65176-oil-sharpens-decline-on-prospects-of-russian-opec-production-bumps.md) | -2.8% | -3.6% |
| BRENT | 2019-04-26 | [Oil sinks 3% as Trump again pressures OPEC to lower crude prices](https://feedsoft.ai/events/8093-oil-sinks-3-as-trump-again-pressures-opec-to-lower-crude-prices.md) | -5.3% | -8.8% |
| BRENT | 2022-03-08 | [Oil Prices for Mar. 09, 2022: Brent Crude, WTI - Bloomberg](https://feedsoft.ai/events/5779-oil-prices-for-mar-09-2022-brent-crude-wti-bloomberg.md) | -13.8% | -14.5% |

## Sources

- energyscan.engie.com: https://energyscan.engie.com/daily-news/oil/sharp-decline-in-crude-oil-prices/

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