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Oil fell for a third session as hawkish signals from the U.S. Federal Reserve raised the prospect of restrained economic growth while millions of barrels of crude from strategic reserves are released into the market.

Oil tumbled as traders weighed the impact of rising trading costs on the major exchanges while President Joe Biden is set to address the Russia-Ukraine war in Europe.

Aconcagua said last month that it's bidding for aging oil fields being sold by state-run giant YPF SA.

Milei, who's just months into a four-year term, pledges to go where no Argentine leader has successfully ventured for three decades by deregulating the country's tightly controlled economy.

The sale, held by the Interior Department Wednesday, brought in more than any federal offshore oil and gas lease auction since 2015, according to the U.S. Bureau of Ocean Energy Management.

Britain's top court delivered a blow to UK oil drilling.

Oil sank as broad risk-off sentiment undercut concerns about escalating conflict in the Red Sea.

Oil fell below $77 a barrel after last week's rally pushed futures into overbought territory. At the same time, ample crude supplies outweighed military escalation in the Middle East.

Oil declined at the start of the week as concerns about an economic slowdown overshadowed signs of a tight physical crude market.

Oil tumbled to near a two-month low as traders assessed a higher-than-expected price cap on Russian crude between $65 and $70 a barrel and a surprise build in US products.