Crude oil prices dropped on Tuesday, with the downturn trend seemingly driven by the United States Energy Department's announcement the day before, on releasing 10 million barrels from its Strategic Petroleum Reserve in November. Following the closing bell on the Wall Street, American Petroleum Institute (API) will publish its latest update on the stock of the commodity in the country.
Earlier today, Federal Reserve commenced its two-day meeting that will determine its future steps in combating inflation in the country, with a much-anticipated rate hike of 75 basis points likely to be announced the following day.
West Texas Intermediate (WTI) for settlements in November slumped by 2.43% at 10:37 am ET to sell for $83.18 per barrel. A minute later, Brent for deliveries in November declined 2.15%, selling for $89.88 per barrel.