US Pres. Biden's team weighs a massive oil release to combat inflation and oil is heavily offered as the administration figures to release 1 million barrels of oil per day for months. The total release may be as much as 180 million barrels, the people said.

Meanwhile, President Joe Biden will give remarks on Thursday on his administration's actions to reduce gasoline prices in the United States, the White House said, as Russia's invasion of Ukraine and sanctions on Moscow have driven up the cost of oil.

President Biden recently announced a ban on Russian oil imports into the US, amid growing calls from bipartisan lawmakers to take action. The US will also ban imports of Russian natural gas and other energy sources, Biden said. 

As a result, CAD is offered and oil has sunk 5.4%.