(Bloomberg) -- The rally in oil since Russia’s invasion of Ukraine in late February is about to evaporate. Futures of West Texas Intermediate crude and Brent are both on the cusp of giving back all of their war-driven gains, which saw prices rise to the highest level since 2008. The retreat comes as the U.S. and its allies have announced plans to unleash a wave of oil from strategic reserves and a debilitating surge of Covid-19 cases in China raises questions about demand from the world’s largest crude importer.

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