SINGAPORE: Oil prices dived more than $5 a barrel on Thursday as the United States is considering the release of up to 180 million barrels from its strategic petroleum reserve (SPR) over several months to calm soaring crude prices.
Brent futures for May fell $5.47, or 4.8%, to $107.98 a barrel at 0317 GMT (10.15am in Thailand). The May contract expires today and the most actively traded June future was down $5.22 to $106.22.
US West Texas Intermediate futures for May delivery fell $6.06, or 5.6%, to $101.76 a barrel after earlier slipping to a low of…
