Oil prices fell sharply early on Thursday as the US administration considered releasing 1 million barrels of crude a day for several months from their Strategic Petroleum Reserve (SPR).
Oil prices tumbled more than 6% on Tuesday to their lowest in almost three weeks, as Russia suggested it would allow a revival of the Iran nuclear deal to go forward and as traders worried growing pandemic lockdowns in China could dent demand. Get more Commodities News and Business News on Zee Business.
Oil prices eased on Tuesday morning ahead of the resumption of indirect talks between the United States and Iran which may revive a nuclear deal that could lead to the removal of sanctions on Iranian oil sales, increasing global supplies. Get more Commodities News and Business News on Zee Business.