Market News : After the US announced plans to release 26 million barrels of oil from strategic reserves to counter the impact of Russian output cuts and recover Chinese demand,
The WTI crude oil prices fell to around $79 per barrel on Tuesday, a decline from over two weeks’ highs. After being disrupted by a significant earthquake last week, the Turkish Ceyhan terminal, which exports approximately 1 million barrels of crude per day, has also resumed operations.
In addition, investors remain wary ahead of US inflation data due later on Tuesday, which may provide fresh clues regarding the path that the Federal Reserve will take with rate hikes.
Meanwhile, Russia’s announcement late last week that it would reduce production by 500,000 barrels per day in March—roughly 5% of total production—led the US oil benchmark to two-week highs above $80.
