Commodities
US SPR Release Sends Oil Prices Reeling Amid Global Supply Concerns
Oil prices plummeted on Tuesday as the US announced plans to release 40 million barrels from its Strategic Petroleum Reserve (SPR), easing concerns over global energy supplies.
The downward momentum was further reinforced by a gradual recovery of crude oil outflows from the Middle East.
West Texas Intermediate for November delivery dropped 3.48 percent to settle at $89.38 per barrel on the New York Mercantile Exchange, while Brent crude for November delivery shed 2.56 percent to settle at $102.59 per barrel on the London ICE Futures Exchange.