Oil drilling rigs

Crude oil prices declined on Monday amid speculation that President Joe Biden's administration might release oil from the US Strategic Petroleum Reserve to ease escalating prices.

 

The international benchmark Brent crude was trading down 0.7% at $81.62 per barrel, at 8.53 am Makkah time.

 

WTI crude fell 0.6% to $80.31 per barrel.

 

Over the weekend, US Senate Majority Leader Chuck Schumer urged President Biden to draw on the country's emergency reserves.

 

The President has made it clear that all options are on the table, CNN reported, citing administration official Brian Deese.

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