Sharjah24 – Reuters: Oil prices dropped on Tuesday, reversing gains in the previous session, on growing talk the United States, Japan and India will release crude reserves to tame prices despite the threat of demand faltering as COVID-19 cases flare up in Europe.
The U.S. Department of Energy is expected to announce a loan of oil from the Strategic Petroleum Reserve on Tuesday, and will be coordinated with other countries, a Biden administration source familiar with the situation said.
U.S. West Texas Intermediate (WTI) crude futures fell 43 cents, or 0.6%, to $76.32 a barrel at 0128 GMT.
Brent crude futures fell 30 cents, or 0.4%, to $79.40 a barrel.
Brent and WTI both rose 1% on Monday on reports that the Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies, together called OPEC+, could adjust their plan to raise oil production if large consuming countries release crude from their reserves or if the pandemic dampens demand.
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