US closing in on decision to join global release of oil as Russian invasion of Ukraine roils markets

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By Kaitlan Collins, Phil Mattingly, Kevin Liptak and Natasha Bertrand, CNN

The US could soon announce that it is joining in a global release of up to 60 million barrels of crude oil, including from the federal Strategic Petroleum Reserve, as President Joe Biden seeks to dampen the effect of Russia’s invasion of Ukraine on gas prices at home.

The total number of barrels released globally could range from 50 million to 60 million barrels, senior administration officials and others familiar with the matter said, though sources cautioned that a decision had not yet been finalized and deliberations were still underway Tuesday morning.

Other allies are also expected to dip into their stockpiles in a coordinated effort to bring down energy costs amid the ongoing Russian invasion. They include Germany, the United Kingdom, Italy, the Netherlands and other major European countries, as well as Japan and South Korea.

This is a breaking story and will be updated.

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