(Bloomberg.) Oil prices fell after investors looked at a mixed report regarding U.S. stockpiles as well as the chances that the Biden administration could tap into emergency reserves.

West Texas Intermediate fell 0.4% on Tuesday after an easement. According to sources familiar with the data, American Petroleum Institute (an industry funded institute) reported that nationwide crude oil inventories increased by 655,000 barrels over last week. The report showed that there was a draw at Cushing’s storage hub and lower gasoline reserves. The official figures will be released later Wednesday.

U.S. President Joe Biden has been weighing the merits of releasing oil from the nation’s Strategic Petroleum Reserve to try to quell surging gasoline prices. Stephen Nalley, acting administrator at the Energy Information Administration, said on Tuesday that the impact of such a move would be pretty “short-lived”.

After hitting a seven-year high last month crude has eased, and traders are trying to figure out the market’s likely trajectory into 2022. This week, the International Energy Agency stated that while demand continues to grow strongly, there is an increasing supply. The Organization of Petroleum Exporting Countries indicated that a surplus could soon be created as a result of the recovery from the pandemic.

According to the Energy Information Administration, crude oil in Cushing’s tanks — which is the point where U.S. futures are delivered — fell to an all-time low of three years after falling for five consecutive weeks. 

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