The move, likely in conjunction with India, Japan and South Korea, would be an unprecedented effort by major oil consumers to tame prices.
India is working on ways to release crude oil from its strategic storages in tandem with other major economies to dampen prices, a top government official said
Brent lost 26 cents, or 0.3%, to $78.63 a barrel as of 0725 GMT and U.S. West Texas Intermediate (WTI) crude futures were down 12 cents, or 0.2%, at $75.82 a barrel
Crude oil fell to seven-week lows on Monday, extending declines after the previous session's slide
Amid a global surge in inflation and rising crude oil prices, markets expect central banks to hike interest rates sooner than expected
NEW YORK (Reuters) - Oil prices fell about 3% to below $80 a barrel on Friday as surging COVID-19 cases in Europe threatened to slow the economic recovery while investors also weighed a potential release of crude reserves by major economies to cool prices.
Brent crude was down $2.44, or 3%, at $78.80 a barrel by 1110 GMT, its lowest since early October, after earlier rising to as high as $82.24
Brent crude was up 28 cents or 0.3% at $81.52 a barrel by 0145 GMT, after falling to a six-week low on Thursday before rebounding to close 1.2% higher.
Prices fell to the six-week lows early in the session as China said it was moving to tap reserves
Brent crude was up 21 cents, or 0.3%, at $80.49 a barrel at 1511 GMT
Brent crude was down 83 cents, or 1%, to $79.87 a barrel by 0749 GMT, after earlier dropping to $79.28, the lowest since Oct. 7
Brent crude was down 41 cents, or 0.5%, to $79.87 a barrel by 0712 GMT, after earlier dropping to $79.60, the lowest since Oct. 7
Brent crude futures dropped 32 cents, or 0.4%, by 1410 GMT to $82.11 a barrel
Brent crude futures dropped 79 cents, or 1%, by 1038 GMT to $81.64 a barrel, erasing Tuesday's 38 cent gain
Oil prices slipped on Tuesday as a rebound in COVID-19 cases in Europe raised concerns over demand amid expectation that supply will rise
Brent crude futures fell 96 cents, or 1.2%, to $81.21 a barrel, as of 1036 GMT. U.S. West Texas Intermediate crude lost 73 cents, or 0.9%, to $80.06 a barrel
President Biden kept investors guessing about whether he'll act to tame oil prices
US West Texas Intermediate crude futures fell 61 cents, or 0.8%, to $80.98 a barrel at 0749 GMT, reversing Thursday's 25 cent gain
On Thursday, the dollar rose to almost 16-month highs against the euro and other currencies due to bets on interest rate hikes.
There won't be any airline in India to board if limits on domestic airfares are not increased as oil prices have jumped from USD 22 each barrel to USD 85 in the last eight months, Scindia said