Oil prices declined Friday for the first time in six sessions as markets reacted to possible intervention by the United States Department of Energy and new policy moves aimed at easing global supply pressures.
Benchmark Brent crude futures fell $1.14 (1.33%) to $84.27 per barrel, while West Texas Intermediate futures dropped $1.46 (1.8%) to $79.55 per barrel.
The decline came after reports that the U.S. government is considering intervening in the oil futures market to curb the recent surge in prices driven by the Middle East conflict escalation.
At the same time, Washington granted waivers to Indian refineries allowing them to continue purchasing Russian crude oil, a move intended to increase available supply and stabilize global energy markets.
Together, these steps helped calm traders who had been pricing in tighter supply and potential disruptions to global oil flows, prompting a pullback after several days of gains.
