Oil at six-week low as China readies crude oil reserve release | Reuters

Oil at six-week low as China readies crude oil reserve release | Reuters

Oil prices slid to six-week lows on Thursday as China said it was moving to release strategic reserves after a Reuters report that the United States was asking large consuming nations to consider a coordinated stockpile release to lower prices.

The bid by the U.S. to shock markets, asking China to join a coordinated action for the first time, comes as inflationary pressures, partly driven by surging energy prices, start to produce a political backlash, as the world fitfully recovers from the worst health crisis in a century. read more

Brent crude was down 83 cents, or 1%, to $79.87 a barrel by 0749 GMT, after earlier dropping to $79.28, the lowest since Oct. 7.

U.S. West Texas Intermediate crude futures were down $1.13, or 1.4%, at $77.23 a barrel, having fallen earlier to $77.09, also the lowest since early last month.