Oil prices drop as coordinated reserve release eases some supply fears

Oil prices drop as coordinated reserve release eases some supply fears
# 24 November 2021 06:23 (UTC +04:00)

Oil prices fell on Wednesday as the U.S.-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 U.S. Thanksgiving holiday, APA reports quoting Reuters.

U.S. 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.

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