Oil prices fall as WSJ says IEA proposes largest oil stock release ever

TOKYO, March 11 : Oil prices dropped on Wednesday after the Wall Street Journal reported the International Energy Agency has proposed the largest release of oil reserves in its history to bring down crude prices that have soared amid the U.S.-Israel war with Iran.

Brent futures were trading down 23 cents, or 0.26 per cent lower, at $87.57 a barrel at 0023 GMT. U.S. West Texas Intermediate (WTI) lost 37 cents, or 0.44 per cent, to trade at $83.08 a barrel.