Oil prices have fallen below a key psychological barrier on news that Biden is trying to persuade a number of countries to release crude from their Strategic Petroleum Reserves.

Biden’s highly unusual move comes just months after he made another request to OPEC+ to boost production so as to tame the oil price rally, and was once again denied.

U.S. gas prices have surged 60% since the beginning of the year, with prices in California hitting all-time highs, pitting Democrats against the administration.

Oil prices have dipped to their lowest levels in six weeks, with both Brent and WTI dropping below the psychologically important $80 per barrel mark for the first time in weeks.

Brent was quoted at $79.67/barrel in Friday’s intraday session, with WTI trading at $77.65 as talk of several countries releasing crude from their strategic reserves continued to gain momentum.

According to Reuters, the Biden administration has reached out to several countries, including China, India, South Korea, and Japan, urging them to synchronize the release of crude from their Strategic Petroleum Reserves (SPRs) in a bid to lower global energy prices.

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