Brent crude recovers after slipping below $80

Brent crude trimmed its losses on Thursday, after slipping below the $80-mark in early session following reports that US President Joe Biden had asked some crude producers to withdraw from strategic oil reserves.

The international benchmark grade was last trading down 0.4% at $80 per barrel (bbl), recovering from its early session decline to $79.60/bbl.

WTI crude fell 0.7% to $77.80/bbl.

The Biden administration has asked some of the world's largest oil consuming nations -- including China, India, South Korea and Japan -- to consider releasing crude stockpiles in a coordinated effort to lower global energy prices, Reuters reported, citing unnamed people familiar with the matter.

Meanwhile, US crude oil production decreased to 11.4 million from 11.5 million barrels a day in the week ended Nov. 12, according to the Energy Information Administration (EIA) data.