2018.08.2106:13:00UTC+00Oil Prices Mixed On News Of Strategic Reserve Release

Oil prices were mixed on Tuesday after the U.S. Department of Energy said it would offer 11 million barrels of crude for sale from the nation's Strategic Petroleum Reserve ahead of financial sanctions against Iran, beginning in November.

The delivery period for the proposed sale of sour crudes will be from Oct. 1 through Nov. 30 as renewed U.S. sanctions against Iran take full effect in early November.

Traders also remained concerned about the demand outlook amid ongoing trade dispute between the United States and China.

Ahead of crucial talks in Washington, U.S. President Donald Trump on Monday said in an interview that he doesn't expect much progress in the talks for ending the dispute with China.

Benchmark Brent oil was up 7 cents at $72.28 per barrel while U.S. West Texas Intermediate (WTI) crude futures for October delivery were down 3 cents at $65.39 a barrel.