LONDON (Reuters) -Oil prices slid to six-week lows on Thursday before reversing course, as China said it was moving to tap reserves after a Reuters report that the United States was asking large consuming nations to consider a stockpile release to lower prices.
The bid by the U.S. to cool 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.
Brent crude was up 21 cents, or 0.3%, at $80.49 a barrel at 1511 GMT, after earlier dropping to its lowest since Oct. 7 at $79.28.
U.S. West Texas Intermediate crude futures were down 2 cents at $78.34 a barrel, having fallen earlier to $77.08, also the lowest since early last month.
