By Gina Lee

Investing.com – Oil was mixed Wednesday morning in Asia as investors digested a from strategic reserves. Investors also took profit from Thursday’s rally, ahead of the U.S. holiday.

By 10:21 ET (23:21 GMT), the price of $82.21 had fallen 0.12%, while it rose 0.13% to $78.60.

On Tuesday, the United States announced it would release 50 million barrels of its Strategic Petroleum Reserve (SPR). India will be releasing 5 million barrels, while the U.K. will only release 1.5 million barrels. Japan will reportedly release several days’ worth of volume while South Korea will release an unspecified volume. China, the world’s top oil importer, will release at least 7.33 million barrels, according to industry consultant JLC.

The coordinated release is the first since 2011. It aims at addressing rising gasoline prices over recent months. Investors believe that the decision might not work long-term to stabilize a tight market for oil.

“The threat of more supply in the short term certainly creates an artificially looser oil market for the next one-to-two-month period,” Louise Dickson, senior oil markets analyst at Rystad Energy, said in a report.

“However, the move by Biden and other leaders may just be pushing the supply issue down the timeline, as emptying out storage will put even further strain on already low oil stockpiles,” she added.

Investors’ focus is now on how the Organization of the Petroleum Exporting Countries and its allies (OPEC+) will respond to the coordinated release. At its December 2nd meeting, the cartel may reconsider plans to increase supply.

Meanwhile, Tuesday’s showed a build of 2.307 million barrels for the week ended Nov. 16. Investment.com forecasts a draw in the range of 950,000 barrels. A 655,000 barrel build was also reported.

Investors are now waiting for, which is due late in the afternoon.