Oil futures settle sharply lower on reports that the U.S. may release more oil from the SPR

Oil futures settled lower on Tuesday, with U.S. prices down nearly 3%. The White House said President Joe Biden will speak about gasoline prices on Wednesday. That follows news reports that the administration is moving toward a release of at least another 10 million to 15 million barrels of oil from the U.S. Strategic Petroleum Reserve – the latest in a 180 million-barrel release program that began in the spring. U.S. benchmark West Texas Intermediate crude for November delivery CLX22, -2.43% fell $2.64, or 3.1%, to settle at $82.82 a barrel on the New York Mercantile Exchange, the lowest finish for the contract since Sept. 30, FactSet data show.