TOKYO : U.S. oil was under pressure in early Asia trade on Thursday after slumping overnight on a Reuters report that the United States was asking major oil consumers like China and Japan to consider a coordinated release of oil reserves to lower prices.
U.S. crude was down 6 cents at US$78.30 at 1145 GMT Wednesday time, having fallen 3per cent overnight. Brent crude fell 2.6per cent to the lowest close since early October and was yet to trade in Asia.
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