Oil slips on U.S. plans to tap emergency crude reserves | Reuters
Oil prices dropped by more than 1% on Tuesday ahead of the expected release of U.S. crude reserves to cool the market while resurgent COVID-19 cases in Europe also weighed on demand.
The United States' planned release of emergency oil reserves is part of a plan that President Joe Biden's administration has hashed out with China, India and Japan to lower energy prices. read more
Brent crude futures fell 69 cents, or 0.87%, to $79.01 a barrel by 0938 GMT and U.S. West Texas Intermediate (WTI) crude futures were down 98 cents, or 1.28%, at $75.77.
"U.S. President Biden is said to be preparing to announce a release of oil from its strategic petroleum reserve in concert with several other countries," ANZ said in a note.
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