Crude oil futures ended lower on Tuesday after the United States said it would release more crude from its Strategic Petroleum Reserve (SPR), lifting some supply concerns from the market. The U.S. Department of Energy (DOE) said on Monday it would sell 26 million barrels of oil from the SPR, which is already at its lowest level since 1983, a release that had been mandated by Congress in previous years. Both benchmarks traded more than $2 lower earlier in the session, however pared some losses after data showed the U.S. consumer price index accelerated at its slowest annual pace since late 2021, raising the likelihood of less aggressive interest rate hikes by the U.S. Federal Reserve.
Benchmark crude oil futures for March delivery fell 87 cents or 1.1 percent at $79.27 a barrel on the New York Mercantile Exchange. Brent crude for April delivery dropped 96 cents or 1.1 percent at $85.65 a barrel on London's Intercontinental Exchange.