By Aaron Sheldrick

TOKYO, Reuters – U.S. crude oil fell on Thursday morning after falling overnight. This was due to a Reuters report suggesting that the United States asked major oil buyers like Japan and China to reconsider a coordinated release from its oil reserves in order to reduce prices.

As the world recovers from its worst ever health crisis, the U.S. government is trying to create panic in the markets.

At 1145 GMT Wednesday morning, the close was lower by 6 cents to $78.30. This follows a 3% drop overnight. It fell to 2.6% at the close, its lowest point since October. There was no trade in Asia.

Last month’s prices reached seven-year highs as the market focused its attention on the quick rise in demand, lockdowns being lifted, and recovering economies against a slow increase supply from the Organization of the Petroleum Exporting Countries. (OPEC+).

After being punished by investors, U.S. drillers have resisted the temptation to spend too much on drilling.

In recent weeks, the International Energy Agency (OPEC) and OPEC both stated that there will be more supply in the coming months. OPEC+ continues to agree to raise output by 400,000 bpd per month in order to not flood the market.