Oil prices dive on increasing U.S. crude inventories

World Oil | Oct 6, 2021 at 2:00 AM
  • Oil declined by the most in two weeks in the wake of growing U.S. inventories and after Russia signaled it is ready to help ease a global energy crisis.
  • Futures in New York slid 1.9% on Wednesday and extended declines late in the session after the Financial Times reported that the U.S. is raising the prospect of releasing emergency oil reserves.
  • In the days leading up to the group’s Monday meeting, the Biden administration had made a push for producers to boost crude output amid intensifying fears about tightening global energy supplies.