Crude oil prices have come off as the US said that they may tap reserves for a massive release going forward. The US is indicating 1 million barrels per day for months and that could run up to nearly 180 million barrels and that has led to some premium coming off the prices.
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The other things that the markets will keenly watch are the OPEC and allies meeting today on what they talk about the secondary data, increase in production and the quota that has been put out from various members there.
China lockdown is yet another reason that has seen prices come off, demand concerns there are weighing on.
The markets will also watch out for the International Energy Agency (IEA), which has called for an emergency ministry meeting to discuss the oil supplies.
Therefore, various things happening in crude and the huge volatility that is seen for the month of March may continue for April as well.
Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.
