Oil prices fell more than $5 a barrel on Thursday as the US considers releasing up to 180 million barrels from its strategic petroleum reserve (SPR).

Brent futures for May were down $5.47, or 4.8%, at $107.98 per barrel. The May contract is due to expire today, and the most actively traded June futures contract was down $5.22 to $106.22.

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West Texas Intermediate futures for May delivery in the United States slid $6.06, or 5.6%, to $101.76 a barrel after falling to a low of $100.85 earlier in the day.

US President Biden will announce later on Thursday the plan aimed at lowering gasoline prices that have risen to records following Russia’s invasion of Ukraine, reported Reuters.

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The possibility of a US oil release overshadowed a meeting between the Organisation of Petroleum Exporting Countries (OPEC) and its allies, including Russia, scheduled for later Thursday. The OPEC+ group is anticipated to continue with its existing agreement to gradually raise oil output.

On Wednesday, oil finished approximately 3% higher due to supply fears as peace negotiations to end the war between Russia, which calls its action a “special operation,” and Ukraine faltered.

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Russia is the world’s second-biggest oil exporter, and sanctions implemented in retaliation for the invasion have hindered exports, driving up prices.

The Biden administration announced in early March that it will sell 30 million barrels from strategic reserves as part of a global release of 60 million barrels to cut prices.

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The United States revealed a plan in November to release 50 million barrels from the SPR, primarily through swaps in which the buyer commits to replace the oil later.

The release comes as commercial oil stocks in the US declined by 3.4 million barrels in the week ending March 25, above estimates of a 1 million barrel reduction. Simultaneously,  implied demand for gasoline and distillates fell.

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Slower demand occurred as output in the US increased by 100,000 barrels per day (BPD) to 11.7 million BPD after remaining stagnant at 11.6 million BPD since early February.