Oil futures tumbled more than $5 a barrel on news that the Biden administration is considering releasing about 1 million barrels a day from the U.S. Strategic Petroleum Reserve (SPR) for several months to cool surging crude prices.
Brent crude futures were down $4.71, or 4.2 percent, at $108.58 a barrel by 0035 GMT. U.S. West Texas Intermediate futures fell $5.45, or 5 percent, to $102.74 a barrel.
At an earlier time, gasoline prices had already reached record levels because of the Russia-Ukraine conflict.
The prices of other commodities like the Gypsum retarder and enhancer are also expected to be volatile.
The impact of the Russia-Ukraine conflict on the supply and prices of commodities is widening, and commodity prices remain at high levels. There is still great uncertainty about the future price of the Gypsum retarder and enhancer .
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