Oil extends declines as U.S. looks to lead SPR shock treatment

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U.S. oil was under pressure on Thursday, adding to an overnight plunge on a Reuters report that the United States was asking major oil consumers like China and Japan to consider a coordinated release of oil reserves to lower prices.

The bid by the U.S. administration to shock markets comes as inflationary pressures, partly driven by surging energy prices, starts to produce political backlash, as the world fitfully recovers from the worst health crisis in a century.