Global oil prices dipped sharply on Wednesday following news that major countries are considering a release from their strategic petroleum reserves and as U.S.’s oil reserves were found to be larger than expected.

At the New York Mercantile Exchange, Western Texas Intermediate crude for May delivery traded at 105 dollars and 41 cents on Wednesday, down one dollar and 92 cents from Tuesday.

In the London ICE Futures Exchange, Brent crude traded at 124 dollars and eight cents, down one dollar and 46 cents from Tuesday.