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Oil prices retreat below $100 a barrel following Biden’s remarks on Ukraine

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Yahoo Finance's Jared Blikre breaks down the major reversal in the energy markets on Feb. 24.

Video Transcript

KARINA MITCHELL: Welcome back to Yahoo Finance. Well, the major indexes are off their lows of the session. They're actually at the highs of the session now. But let's turn over to the oil space and see what's happening there. President Biden's comments on sanctions a short time ago and saying the US will release additional oil as warranted. Not doing too much to help high oil prices today. Brent touching $105 earlier, although settling below $100. For more on where crude settled, let's bring in Yahoo Finance's Jared Blikre. Jared, oil surging more than $20 a barrel since the start of the year.

JARED BLIKRE: Yeah, pretty stunning reversal today. So taken in consideration of the gains for the year, even more so. WTI got north of $100 per barrel earlier in the day. You can see this over here, also in the headlines overnight. But it's been-- excuse me-- steadily slowing off all day, kind of accelerating. We got some hints that there might be an SPR release. That's the Strategic Petroleum Reserve release. That came around 12:00 PM, the noon hour.

And then here is when Biden finally took the podium. And we can see that we closed lower, almost getting into the negative territory for WTI. Also want to point out that Brent here, that's still holding onto gains of over 1%, over 1 and 1/2%. But you notice that is below $100 per barrel, as you just said, Karina. So all in all, not only in equities markets, which are reversing to the upside, we're seeing some commodities markets like energy reverse to the downside.

KARINA MITCHELL: OK, thank you, Jared Blikre.