Last week marked the second consecutive weekly decline in oil prices, with the West Texas Intermediate (WTI) crude futures, the U.S. oil benchmark, closing 1% weaker at $98.26 a barrel on April 8. Oil prices fell on a weekly basis as the member countries of the International Energy Agency, including the U.S., announced their plans to release more reserves to bring down global prices. The recovery in energy demand following the reopening of economies and the Ukraine-Russia crisis triggered a sharp rise in oil and gas prices, benefiting stocks in the energy sector.
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