Oil falls most in 2 years after oil stockpile release

By Laura Sanicola (Reuters) -Oil settled lower on Friday as members of the International Energy Agency (IEA) agreed to join in the largest-ever U.S. oil reserves release. Both Brent and U.S. crude benchmarks settled down around 13% in their biggest weekly falls in two years after U.S. President Joe Biden announced the release on Thursday. Brent crude futures were down 32 cents, or 0.3%, at $104.39 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell $1.01, or 1%, at $99.27. Biden announced a release of 1 million barrels per day (bpd) of crude oil for six months from May, which at 18…

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