Oil prices fell on Wednesday as investor sentiment was negatively affected by reports stating that the International Energy Agency proposed withdrawing the largest amount of strategic oil reserves in its history, due to the possibility of supply disruptions resulting from escalation in the Middle East.
Brent crude futures fell 88 cents, or one percent, to $86.92 a barrel by 04:51 GMT. U.S. West Texas Intermediate crude also dropped 35 cents, or 0.4 percent, to $83.1 a barrel.
