OIL prices have fallen sharply after reports that the US is set to take new steps to bring down high fuel costs.
The Biden administration is reportedly considering the release of up to 180m barrels of oil in the coming months from the Strategic Petroleum Reserve.
If confirmed, this will be the largest-ever release since the reserve was created in 1974.
The war in Ukraine has rocked global energy markets in recent weeks over concerns that supplies will be cut.
In afternoon trade in Asia, US oil benchmark West Texas Intermediate was 5.4% lower at $102 a barrel, while Brent Crude was down by 4.6% at around $108.
The soaring cost of fuel has become a major political issue in the US ahead of mid-term elections in November. – bbc.com