Oil prices cap worst week since 2020 amid reserves release

STORY: Oil prices cap worst week since 2020 amid reserves release DATELINE: April 2, 2022 LENGTH: 00:01:37 LOCATION: NEW YORK, U.S. CATEGORY: ECONOMY SHOTLIST: 1. various of refineries near Houston 2. various of gas stations in New York City STORYLINE: Oil prices fell on Friday, capping their worst week in nearly two years, as supply concerns eased on reserves release. The West Texas Intermediate (WTI) for May delivery lost 1.01 U.S. dollars, or 1 percent, to settle at 99.27 dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery decreased 32 cents, or 0.3 percent, to close at 104.39 dollars a barrel on the London ICE Futures Exchange. For the week, the U.S. crude standard and Brent dropped 12.8 percent and 11.1 percent, respectively, based on the front-month contracts. Both benchmarks saw their biggest weekly percentage declines since late April 2020, according to Dow Jones Market Data. Members of the International Energy Agency (IEA) agreed to a new release of oil from eme