Oil prices drop as coordinated reserve release eases some supply fears

Some analysts said the effect on prices of the coordinated release was likely to be short-lived after years of declining investment and a strong global recovery from the COVID-19 pandemic

Oil prices fell on November 24 as the U.S.-led coordinated from strategic reserves eased concerns over tightness in global supply, while investors took profits from the previous day's rally ahead of the U.S. Thanksgiving holiday.

U.S. West Texas Intermediate (WTI) crude futures fell 12 cents, or 0.2%, to $78.38 a barrel at 0122 GMT, reversing out of a 2.3% gain in the previous day.

Brent crude futures slid 32 cents, or 0.4%, to$81.99 a barrel, having risen 3.3% on November 23.