Oil prices dropped on
Wednesday after the Wall Street Journal reported the
International Energy Agency has proposed the largest release of
oil reserves in its history to bring down crude prices that have
soared amid the U.S.-Israel war with Iran.
Brent futures were trading down 23 cents, or 0.26%
lower, at $87.57 a barrel at 0023 GMT. U.S. West Texas
Intermediate (WTI) lost 37 cents, or 0.44%, to trade at
$83.08 a barrel.