Key facts
- December WTI crude oil futures traded at $102.77 a barrel, down $0.67 for the week.
- Brent crude settled Thursday at $114.88 a barrel, down $0.44 on the day.
- About 40 million barrels will be borrowed from the U.S. Strategic Petroleum Reserve.
- The SPR is near its lowest level since 1982.
Crude oil prices declined on Thursday as traders assessed the impact of emergency supply releases against the backdrop of potential diplomatic efforts with Iran. The U.S. Strategic Petroleum Reserve is releasing barrels, but its levels are near historic lows. While peace talks have re-emerged, no agreement has been reached, leaving shipping lanes and Saudi energy infrastructure vulnerable. December WTI crude oil futures were trading at $102.77 a barrel, down for the week, and Brent crude settled at $114.88.