Oil Prices Steadies as Traders Priced In Lower Impact from Coordinated Reserve Release

Oil prices steadied on Friday after traders sentiment shifted towards lower impact from coordinated reserve release by major countries.

West Texas Crude oil (WTI) inched by 0.49 cent to $79.50 while Brent inched up by 0.63 cents to $81.87 as of Thailand time 12:52 hours.

WTI December contract expires on Friday and trading activity has shifted to the January contract.

Earlier U.S. requested a coordinated reserve release to China, Japan and other big buyers who are reportedly making a judgment on the call.