Melbourne — Oil prices dropped on Tuesday, reversing gains in the previous session, on growing talk the US, Japan and India will release crude reserves to tame prices, despite the threat of demand faltering as Covid-19 cases flare up in Europe.
US West Texas Intermediate crude futures fell 43c, or 0.6%, to $76.32 a barrel at 1.28am GMT. Brent crude futures fell 30c or 0.4%, to $79.40 a barrel. With talk of a co-ordinated crude release having succeeded in driving prices back below $80 a barrel and an actual release only expected to have a temporary impact, analysts are turning their attention to the potential hit to demand from a fourth wave of Covid-19 cases in Europe.
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