NYMEX down more than 5% ahead of OPEC + meeting

Oil drilling rigs

Oil prices tumbled today, March 31, amid reports that the US is considering another release from its strategic petroleum reserve (SPR) over next few months.

Brent crude futures fell 4.28% to $108.59 a barrel at 9:00am Makkah time.

NYMEX crude contracts for May delivery also slipped 5.29% to $102.12 a barrel.

The Joe Biden administration is weighing a draw of oil from emergency reserves of up to 180 million barrels over several months, Reuters reported, citing two US sources.

Meanwhile, OPEC+ is scheduled to meet today to discuss supply policy for the month of May, with plans to raise supply by about 432,000 barrels per day in May.