Oil decline continues as US says will draw from strategic reserves

Oil drilling rigs

Oil prices edged lower on Tuesday as the United States said it will release crude reserves to ease fuel prices.

The White House announced that the US will withdraw 50 million barrels from its strategic oil reserves, in coordination with China, Japan, India, South Korea and Britain.

The international benchmark Brent crude was trading down 0.8% at $78.09 per barrel (bbl), at 3.15 pm Makkah time.

WTI crude fell 1.3% to $75.74/bbl.

Meanwhile, the Kremlin said that Russia remained committed to fulfilling its OPEC+ obligations.