By Gina Lee

Investing.com – Oil was down on Friday morning in Asia, with investors continuing to digest a They also await a meeting of consuming nations to discuss a new release of emergency oil reserves.

This fell to $104.63 at 12:37 PM ET (4.37 GMT) and the contract for May 2022 expires on March. 31 for $107.91 After a peak of $101.75, they were down 0.3% to $99.91.

Brent futures and WTI futures were heading for losses of approximately 13% each on Friday, the largest in their history.

Later in the day, The International Energy Agency will be meeting to discuss a second emergency oil release. This would occur following their Mar. 1 agreement. 1. to let out around 60,000,000 barrels. U.S. Strategic Petroleum Reserve, (SPR) announced Thursday that 1 million barrels would be released per day. This release will be for six months and begin in May 2022. It is the biggest release.

Russia’s invasion of Ukraine, Feb. 24, and subsequent sanctions has disrupted Russia’s supply chain. Investors now have the opportunity to see the amount of oil that the IEA releases, but they don’t expect this to have a lasting effect on the markets.

“Previous SPR releases took time to reach market and had very little effect on prices,” ANZ Research analysts stated in a note.

Biden called upon U.S. farmers to boost output. But the ANZ Note warned that this massive SPR release could have a backfire, and deter producers from drilling any further.

Tobin Gorey, a commodities analyst at Commonwealth Bank, stated that the scale of the release proposed is sufficient to fill the oil supply gap for a time.

He said that the action could likely limit prices during this period. After which, markets would rely on OPEC+ for increased production.

OPEC+, the Organization of the Petroleum Exporting Countries (OPEC+), remained committed to its plans of adding 432,000 barrels of oil per day to the supply of May’s supplies when it meets on Thursday. It resisted Western pressure to raise output even further by Saudi Arabia and United Arab Emirates.