Biden decided to use 50 million barrels of US strategic oil reserves in a coordinated effort with other countries to mitigate rising fuel prices.
The White House said: “(The quantity) will be released in parallel with other energy consuming countries, including China, India, Japan, the Republic of Korea and the United Kingdom.”
The US decision is part of a plan it has reached with major Asian energy consumers to lower energy prices.
After the White House announcement, US West Texas crude fell $1.38, or 1.8 percent, to $75.37 a barrel.
Earlier, reports indicated that the United States, Japan and India will release crude oil reserves to lower prices despite the risk of faltering demand due to the spread of coronavirus cases in Europe.