Oil prices dropped on Tuesday, reversing gains in the previous session, on growing talk the United States, Japan and India will release crude reserves to tame prices despite the threat of demand faltering as Covid-19 cases flare up in Europe.
U.S. West Texas Intermediate (WTI) crude futures fell 43 cents, or 0.6%, to $76.32 a barrel at 0128 GMT.
Brent crude futures fell 30 cents, or 0.4%, to $79.40 a barrel.
"As Europe, and in particular Eastern Europe, struggles to halt the spread of Covid-19, the risk of lockdown-like measures looms large," said Rystad Energy analyst Louise Dickson.
"If a new wave of lockdowns are enacted in Europe, oil prices will not be spared during the remainder of the flu season in the North Hemisphere," Dickson said in emailed comments.
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