# USD/INR Price News: Bulls recapture 76.00 on softer oil prices, US NFP eyed — Octa

> President Biden announced a release of one million barrels per day from the US Strategic Petroleum Reserve for six months starting in May. Oil prices fell more than 6% on Thursday, and USD/INR moved back above 76.00.

- Date: 2022-04-01 · published 2022-04-01T12:00:00.000Z
- Category: policy · region US · magnitude medium
- Page: https://feedsoft.ai/events/42142-usd-inr-price-news-bulls-recapture-76-00-on-softer-oil-prices-us-nfp-eyed-octa
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Indian Rupee (INR per USD)](https://feedsoft.ai/c/USDINR.md)

## Why it matters

A large emergency stock release adds supply to the crude market, pressuring oil prices lower. Lower energy costs ease biofuel and feed-transport costs, and the lower oil price also weakens the case for vegetable oil used in biodiesel.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- USDINR: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-06-02 | [OPEC+ alliance boosts oil production as energy prices soar \| AP News](https://feedsoft.ai/events/40836-opec-alliance-boosts-oil-production-as-energy-prices-soar-ap-news.md) | +5.8% | -7.1% |
| WTI | 2022-03-31 | [Oil prices sink as Joe Biden announces largest-ever release of emergency US oil supplies, ASX edges lower - ABC News](https://feedsoft.ai/events/11049-oil-prices-sink-as-joe-biden-announces-largest-ever-release-of-emergency-us-oil.md) | -10.6% | -2.2% |
| WTI | 2019-04-28 | [Global oil prices slip after US demands OPEC to increase output](https://feedsoft.ai/events/8098-global-oil-prices-slip-after-us-demands-opec-to-increase-output.md) | -2.1% | -7.6% |
| WTI | 2022-03-09 | [Oil prices tumble after UAE says it wants OPEC to increase production \| CNN Business](https://feedsoft.ai/events/5821-oil-prices-tumble-after-uae-says-it-wants-opec-to-increase-production-cnn.md) | -22.0% | -17.5% |
| WTI | 2017-11-28 | [Oil prices slip on OPEC deal extension jitters](https://feedsoft.ai/events/68141-oil-prices-slip-on-opec-deal-extension-jitters.md) | -1.1% | +2.7% |
| BRENT | 2022-06-02 | [OPEC+ alliance boosts oil production as energy prices soar \| AP News](https://feedsoft.ai/events/40836-opec-alliance-boosts-oil-production-as-energy-prices-soar-ap-news.md) | +6.0% | -0.6% |
| BRENT | 2022-03-31 | [Oil prices sink as Joe Biden announces largest-ever release of emergency US oil supplies, ASX edges lower - ABC News](https://feedsoft.ai/events/11049-oil-prices-sink-as-joe-biden-announces-largest-ever-release-of-emergency-us-oil.md) | -11.9% | -6.8% |
| BRENT | 2019-04-28 | [Global oil prices slip after US demands OPEC to increase output](https://feedsoft.ai/events/8098-global-oil-prices-slip-after-us-demands-opec-to-increase-output.md) | -0.3% | -4.5% |

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/962934/

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