The US holds around 600 million barrels in strategic reserves. A report from Energy Intel says the US in coordinatoin with other countries via the IEA may release oil stockpiles of around 60-70 million barrels.

That compares to the 50 million barrels that were announced in November. That release involved releasing oil along with buying longer-dated futures to replenish it. There's no word on if this release would be similar.

WTI crude oil is trading at $96.43, well off the session high of $100.54.