Oil futures dropped in the early hours of Thursday as the United States considered releasing millions of barrels from the country’s strategic reserve over several months.
Oil Drops: ICE Brent Crude May 22 futures traded 3.9% lower at $109.02 at press time, while WTI Crude May 22 futures were down 4.9% at $102.55.
Oil prices dropped more than $5 per barrel on Thursday after news emerged that the U.S. was considering releasing up to 180 million barrels from its strategic petroleum reserve over several months, according to a Reuters report.
President Joe Biden is expected to address the administration's actions surrounding energy on Thursday, as per Reuters.
Stock Futures Trade Flat: Stock futures were relatively unchanged ahead of the last trading day of March. Dow Futures were up 0.05% at 35,134. S&P 500 and Nasdaq futures rose 0.13% and 0.37%, respectively, to 4,602 and 15,127 at press time.
In after-hours trading, Apple Inc (NASDAQ: AAPL) shares traded 0.2% higher at $178.05, while Tesla Inc (NASDAQ: TSLA) shares were up 0.2% at $1,096. The SPDR S&P 500 (NYSE: SPY) was up 0.02% at $458.92, according to Benzinga Pro data.
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