The International Energy Agency (IEA) countries will decide on a collective oil release on Friday, Reuters reports, citing a statement from New Zealand’s Energy Minister’s office this Thursday.

Earlier on, Reuters cited some sources, saying that US President Joe Biden's team is considering a massive oil release to the tune of 180 million barrels to counter the impact of soaring inflation.

Market reaction

WTI price is extending its sell-off, with the $100 mark at risk, on these above headlines. The US oil is down 5.30% on a daily basis.

• WTI Price Analysis: Bears taking up the driving seat, eye break below $100bbls