Oil prices slide as Biden weighs reserves release

Prices have fallen sharply after reports that the US is set to take new steps

Soaring fuel costs have become a major political issue in the US ahead of midterm elections in NovemberImage caption.

Qazet.az reports that oil prices have fallen sharply after reports that the US is set to take new steps to bring down high fuel costs.

The Biden administration is reportedly considering the release of up to 180m barrels of oil in the coming months from the Strategic Petroleum Reserve.

Soon after the reports, morning trade in Asia saw US oil benchmark West Texas Intermediate at 5.6% lower, while Brent Crude was down by 4.8% lower.