Oil prices fell on Tuesday as traders anticipated another release from the US Strategic Petroleum Reserves (SPR), which would offset market supply concerns.
At 09.46 a.m. local time (0646 GMT), international benchmark Brent crude was trading at $86.31 per barrel, down 0.3% from the previous trading session’s close of $86.61 per barrel.
Simultaneously, the American benchmark West Texas Intermediate (WTI) traded at $79.50 per barrel, down 0.8% from the previous session’s close of $80.14 per barrel.
Oil prices fell after US President Joe Biden announced a plan to release oil from the SPR on Monday.
According to international media outlets, the plan calls for the sale of 26 million barrels, which will be delivered to the market between April 1 and June 30.
The announcement came as the SPR, the world’s largest supply of emergency crude oil, dropped to its lowest level since 1983.
Meanwhile, global markets are keeping an eye on upcoming macroeconomic data, particularly the US Consumer Price Index (CPI) and statements from US Federal Reserve (Fed) officials.
A higher-than-expected CPI reading will support expectations that the Fed will seek a more aggressive rate hike, fueling recession fears and reducing oil demand.
