Oil futures settle sharply lower on reports that the U.S. may release more oil from the SPR

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Oil futures settled lower on Tuesday, with U.S. prices down nearly 3%. The White House said President Joe Biden will speak about gasoline prices on Wednesday. That follows news reports that the administration is moving toward a release of at least another 10 million to 15 million barrels of oil from the U.S. Strategic Petroleum Reserve – the latest in a 180 million-barrel release program that began in the spring. U.S. benchmark West Texas Intermediate crude for November delivery CLX22, +1.32% fell $2.64, or 3.1%, to settle at $82.82 a barrel on the New York Mercantile Exchange, the lowest finish for the contract since Sept. 30, FactSet data show.

This article was originally published by Marketwatch.com. Read the original article here.

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