LONDON, Feb 14 (Reuters) – Oil prices fell on Tuesday after the U.S. government announced it would release more crude from its strategic petroleum reserve, as traders awaited inflation data from the most major world economy.
* Brent crude futures were down 80 cents, or 0.9%, at $85.81 a barrel at 1003 GMT, while US crude futures were down 1.05 $, or 1.3%, to $79.09 a barrel. Both benchmarks are on track for their biggest daily percentage decline since Feb. 3.
* The US Department of Energy said it would sell 26 million barrels of oil from the Strategic Petroleum Reserve (SPR), which is already at its lowest level since 1983.
* The Energy Department had considered canceling the fiscal year 2023 sale after US President Joe Biden’s administration sold a record 180 million barrels from the reserve last year. But that would have required Congress to change the mandate.
* Supply worries also eased after the Energy Information Administration (EIA) said it expected record production in March from the seven largest shale basins in the United States.
* Meanwhile, crude oil exports have resumed at a key Turkish port after the devastating earthquake hit the region.
* Tuesday will be published the monthly reports of the Organization of Petroleum Exporting Countries (OPEC) and Wednesday those of the International Energy Agency (IEA).
* In addition, the US Consumer Price Index (CPI) for January will be released on Tuesday. Monthly consumer prices in the country have increased over the previous two months.
* According to a Reuters poll, most economists expect the Federal Reserve to raise interest rates at least twice more in the coming months. Higher inflation and subsequent rate hikes could weigh on risky assets like oil.
(Additional reporting by Laura Sanicola; Editing in Spanish by Ricardo Figueroa)