Oil drops within 1% on news about release of crude from US reserves

World oil prices on Tuesday morning fell within 1% on reports of US plans to release oil from the strategic reserve, Report informs, citing auction data.

The price of April futures for Brent crude fell by 0.69% to $86.01 per barrel, and March futures for WTI rose by 1.09% to $79.27.

Earlier, Bloomberg reported that the US authorities plan to sell 26 million barrels of oil from the strategic reserve in April-June.

OPEC's monthly report on the state of the global oil market will be released later in the day. In the document, the organization will update production and demand forecasts. Investors will follow OPEC signals on the outlook of economy and the current situation.