LONDON—Oil prices dipped on Tuesday after the U.S. government said it would release more crude from its Strategic Petroleum Reserve, while traders look out for U.S. inflation data for further queues.
Brent crude futures fell 80 cents, or 0.9 percent, to $85.81 per barrel by 1003 GMT, while U.S. crude futures fell $1.05, or 1.3 percent, to $79.09 per barrel. Both benchmarks are on track for their biggest daily percentage drop since Feb. 3.
The U.S. Department of Energy (DOE) said it would sell 26 million barrels of oil from the SPR, which is already at its lowest level since 1983.
The DOE had considered canceling the fiscal year 2023 sale after U.S. President Joe Biden’s administration last year sold a record 180 million barrels from the reserve. But that would have required Congress to act to change the mandate….