Oil Falls on Report Obama, Cameron Discussed SPR Release

Oil fell for the third time in four days on reports that President Barack Obama discussed a release from the U.S. Strategic Petroleum Reserve with U.K. Prime Minister David Cameron.

Futures declined 0.3 percent as Jay Carney, the White House press secretary, said the leaders reached no agreement. The price dropped as much as 1.6 percent in intraday trading after Reuters reported that two people it didn’t name said the U.K. has decided to cooperate with the U.S. on a supply release with gasoline pump prices over $3.80 a gallon.