Oil prices fell in early Asian trade on Tuesday after the U.S. government said it will release more crude from its Strategic Petroleum Reserve (SPR) and on other reports that more supply is coming into the market. Brent crude futures fell by 82 cents, or 1 per cent, to $85.79 per barrel by 0132 GMT, while
Oil prices fell in early Asian trade on Tuesday after the U.S. government said it will release more crude from its Strategic Petroleum Reserve and on other reports that more supply is coming into the market.
The U.S. Department of Energy said after the previous session ended that it would sell 26 million barrels of oil from the SPR, a release that had been mandated by Congress in previous years. Supply concerns were also relieved as a cargo of Azeri crude set sail from Turkey's Ceyhan port on Monday, the first since a devastating earthquake in the region on Feb. 6.
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