U.S. oil futures suffer the worst weekly percentage decline in almost 2 years

U.S. oil futures ended lower on Friday, logging a nearly 13% loss for the week – the biggest such loss for a front-month contract since late April 2020, according to Dow Jones Market Data. The U.S. announced Thursday that it will release 1 million barrels of oil a day for the next six months, and the International Energy Agency said Friday that its other members also plan a new release oil from emergency reserves. West Texas Intermediate crude for May delivery fell $1.01, or 1%, to settle at $99.27 a barrel on the New York Mercantile Exchange, the lowest finish since March 16.

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