Crude oil prices fall on reports of IEA proposal for reserve release; Brent oil slips below $88 a barrel
Crude oil prices declined on Wednesday after a report said that the International Energy Agency (IEA) proposed the largest release of oil reserves in its history to bring down crude prices that have soared amid the US-Iran war.
According to a Wall Street Journal report, the release would exceed the 182 million barrels of oil that IEA member countries put onto the market in two releases in 2022 when Russia launched its full-scale invasion of Ukraine.
