Oil prices fell on Wednesday as the US-led coordinated release of stocks from strategic reserves eased concerns over tightness in global supply, while investors took profits from the previous day’s rally ahead of the US Thanksgiving holiday.
US West Texas Intermediate (WTI) crude futures fell 12 cents, or 0.2%, to $78.38 a barrel at 0122 GMT, reversing out of a 2.3% gain in the previous day.
Brent crude futures slid 32 cents, or 0.4%, to $81.99 a barrel, having risen 3.3% on Tuesday.
“The coordinated efforts by oil consuming countries to lower crude prices prompted fresh selling,” said Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd.
