Oil settled lower as the US release more supply from the reserve

International benchmarks for crude oil settled lower on Tuesday, 26 July 2022 after the US said it would sell another 20 million barrels from the Strategic Petroleum Reserve to calm the market. Meanwhile, US consumer confidence fell to the lowest level in more than 1 year in July due to inflation and concerns about the rising interest rates.

Brent dropped 75 cents to close at $104.40/barrel.

WTI fell $1.72 to settle at $94.98/barrel.