U.S. stock futures were steady and oil fell after reports that President Biden is preparing a substantial release of oil reserves to stanch soaring energy prices and inflation
Futures tied to the S&P 500 were flat, suggesting that the broad-market index may hover after it closed down 0.6% on Wednesday. Nasdaq-100 futures rose 0.2%, pointing to muted gains for technology stocks after the opening bell.
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President Biden expected to announce plans to tap oil reserve to control gas pricesBiden is preparing to order the release of up to 1 million barrels of oil per day from the nation's strategic petroleum reserve, according to two people familiar with the decision, in a bid to control energy prices that have spiked as the U.S. and allies have imposed steep sanctions on Russia.
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