WASHINGTON (dpa-AFX) - Crude oil prices fell sharply on Tuesday after a volatile session amid uncertainty about outlook for energy demand from China.
China's decision to delay the publication of key economic data including third-quarter gross domestic product injected a note of caution to trading ahead of key inventory data due later in the day.
Oil prices were also weighed by reports that the Biden administration is planning to sell oil from the Strategic Petroleum Reserve in order to cool fuel prices.
Reuters and Bloomberg reported that according to sources, the Biden administration plans to sell an additional 26 million barrels from the Strategic Petroleum Reserve for fiscal year 2023.
West Texas Intermediate Crude oil futures for November ended down by $2.64 or about 3.1% at $82.82 a barrel, the lowest settlement since September 30.
Brent crude futures were down $1.72 or 1.9% at $89.90 a barrel a little while ago.
Traders also looked ahead to the weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA).
EIA expects output in the Permian Basin of Texas and New Mexico to rise by about 50,000 barrels per day to a record 5.453 million barrels per day this month.
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