Oil is heading to record the largest weekly loss in two years

Oil prices fell on Friday, ahead of a meeting of member states of the International Energy Agency to discuss the withdrawal of strategic oil reserves, coinciding with a massive planned withdrawal of reserves in the United States.

Brent crude and US West Texas Intermediate crude are heading for their biggest weekly declines in two years, by 13 percent and 12 percent, respectively.

By 1055 GMT, Brent crude futures fell 6 cents, or 0.1 percent, to $104.65 a barrel.

US crude futures fell 37 cents, or 0.4 percent, to $99.91 a barrel.

On Thursday, US President Joe Biden announced the withdrawal of 1 million barrels of oil per day over a period of six months, starting in May, the largest withdrawal from the US strategic oil reserves.

The member states of the International Energy Agency are scheduled to meet at 1200 GMT on Friday to discuss the withdrawal of more oil reserves.

The OPEC + bloc, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, announced on Thursday its commitment to plans to increase production by 432,000 barrels per day in May, despite Western pressure to increase the quantity.