Oil Drops as Biden’s Emergency Crude Release Quells Supply Fears
- Some Indian buyers halt spot purchases of Russian oil cargoes
- WTI pares losses on news that Mexico hedging finished for 2023
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Oil fell as the prospect of additional supplies from strategic reserves assuaged market concerns of a tight market heading into Northern Hemisphere winter.
West Texas Intermediate futures dropped 3% to settle below $83 on Tuesday. The US is moving toward releasing more crude from its strategic reserve to tamp down fuel prices. Crude pared some losses on news that Mexico has completed its 2023 hedging program that helps protect revenues should prices fall below $68.70.