May 23 (UPI) -- Crude oil prices were pulling back toward even in early Tuesday trading, after U.S. budget moves balanced against OPEC narratives.
Crude oil prices were down more than 1 percent in overnight trading as investors mulled over a U.S. budget proposal that would seek to balance the books in part by selling off half of what's stored in the Strategic Petroleum Reserve. The SPR is stocked with about 688 million barrels of oil and the release could add to the oversupply conditions holding oil prices below $60 per barrel.