Oil Slips Below $104 as Reserves Release Counters Supply Fears

Storage tanks are seen at Marathon Petroleum's Los Angeles Refinery, which processes domestic & imported crude oil into California Air Resources Board (CARB), gasoline, diesel fuel, and other petroleum products, in Carson, Calif., on March 11, 2022. Picture taken with a drone. Bing Guan/Reuters

LONDON—Oil slipped on Monday in volatile trading as the release of strategic reserves by consuming nations eased concerns over tight supply amid Russia’s invasion of Ukraine and the lack of an Iranian nuclear deal.

Crude dropped by about 13 percent last week after President Joe Biden announced a record U.S. oil reserves release and as International Energy Agency members committed to further tapping reserves. Crude had hit $139 last month, its highest since 2008.