Oil prices dip after report that Biden plans to tap petroleum reserve

Reports that President Biden plans to tap the nation's Strategic Petroleum Reserve for the third time in six months in a move to curb soaring U.S. fuel costs have pushed oil prices down nearly $5 a barrel in overnight trading.

Mr. Biden is preparing to order the release of up to 1 million barrels of oil, according to two people familiar with the decision. An announcement is expected as early as Thursday, when the White House says the president will deliver remarks on his administration's plans to combat rising gas prices. The two people spoke on the condition of anonymity to preview the decision.

U.S. oil on Thursday traded at $101.65 a barrel, while the global benchmark was at $107.39, according to Bloomberg. That's up from roughly $60 a year ago.