Key Highlights

• The IEA is weighing what would be its largest-ever coordinated oil stock release, Reuters reported, following a WSJ report.

• Oil prices fell on the headline, with Brent trading below $90 in early Wednesday trading.

• Bitcoin traded around the $70,000 area after briefly topping $71,000 in the prior session.

Bitcoin steadied around $70,000 on Wednesday as broader risk sentiment improved following reports that the International Energy Agency is considering the largest emergency release of crude from strategic reserves in its history. Reuters said the proposed release would be larger than the 182 million barrels deployed in 2022 after the start of the war in Ukraine.

Oil prices moved lower on the report, with Brent falling below $90 a barrel in early trade as investors weighed whether a coordinated stock release could offset potential supply risks tied to the Middle East conflict.