Oil Slips on US Plans to Tap Emergency Crude Reserves

Prices have dropped below $80 a barrel from a three-year high amid talks of a coordinated release and potential hit to energy demand from a fourth wave of COVID-19 cases in Europe.

Ron Bousso, Reuters

Oil prices dropped by more than 1% on Nov. 23 ahead of the expected release of U.S. crude reserves to cool the market while resurgent COVID-19 cases in Europe also weighed on demand.

The United States' planned release of emergency oil reserves is part of a plan that President Joe Biden's administration has hashed out with China, India and Japan to lower energy prices.

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