Oil prices dipped on Tuesday after the U.S. government said it would release more crude from its Strategic Petroleum Reserve, while traders look out for inflation data for further queues. Brent crude futures fell 90 cents, or 1%, to $85.71 per barrel by 1320 GMT, while U.S. crude futures fell $1.16, or 1.5%, to $78.98 per barrel. Both benchmarks are on track for their biggest daily percentage drop since Feb. 3. The U.S. Department of Energy (DOE) said it would sell 26 million barrels of oil from the SPR, which is already at its lowest level since 1983. The DOE had considered cancelling the fiscal year 2023 sale after U.S. President Joe Biden’s administration last year sold a record 180 million barrels from the reserve. But that would have required Congress to act to change the mandate. Supply concerns also eased after the Energy Information Administration said it expected record March production from the seven biggest U.S. shale basins. NN: Help me with the math here. Russia is cutting 500 million barrels per day in crude sales. Biden show him he is no slosh and orders a release of 29 million barrels from the strategic reserves. Which means it only covers 60 days of the Russian cut… Then what? Biden releases more oil. Well thats a idea but their is a little problem here. They are running out of recoverable oil in the strategic stash, AND Biden has announced he wants to refill the strategic supply… Yes and he wants to do all that at $70 oil….. So if he wants to refill it why is he emptying it?