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Crude prices fall as Biden plans to tap oil reserve
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Oil prices fell more than $5 a barrel on Thursday as the United States is considering releasing up to 180 million barrels from its strategic petroleum reserve over several months to calm soaring prices.
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U.S. West Texas Intermediate futures fell $6.19, or 5.7%, to $101.66 a barrel.
Brent futures fell $5.63, or 4.9%, to $107.82 a barrel.
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President Biden is preparing to order the release of up to 1 million barrels of oil per day from the nation's strategic petroleum reserve, according to two people familiar with the decision, in a bid to control energy prices that have spiked as the U.S. and allies have imposed steep sanctions on Russia over its invasion of Ukraine