Oil prices fell on Tuesday, reversing gains the previous session on talk the United States, Japan and India will release crude reserves to tame prices despite the threat of faltering demand as COVID-19 cases flare up in Europe.
The United States is expected to announce a loan of crude oil from its emergency stockpile on Tuesday as part of a plan it hashed out with major Asian energy consumers to lower energy prices, a Biden administration source familiar with the situation said.
Brent crude futures fell 67 cents, or 0.8%, to $79.03 a barrel at 0721 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 88 cents, or 1.2%, to $75.87 a barrel.
