Oil prices dropped on Tuesday, reversing gains in the previous session, on growing talk the United States, Japan and India will release crude reserves to tame prices despite the threat of demand faltering as COVID-19 cases flare up in Europe.
The U.S. Department of Energy is expected to announce a loan of oil from the Strategic Petroleum Reserve on Tuesday, and will be coordinated with other countries, a Biden administration source familiar with the situation said.
U.S. West Texas Intermediate (WTI) crude futures fell 43 cents, or 0.6%, to $76.32 a barrel at 0128 GMT.
Brent crude futures fell 30 cents, or 0.4%, to $79.40 a barrel.
