New Delhi, March 10 -- Crude oil prices fell sharply during the evening session on Tuesday, 10 March, as hopes built for a possible release of emergency crude reserves to offset supply shortages.

Brent Crude, the international standard, tumbled 12% to the day's low of $87.06 per barrel. Today's fall follows a 17% drop from a four-year high in the previous session, when prices settled at $98.96.

The International Energy Agency will hold an extraordinary meeting on Tuesday to discuss a possible release of emergency stockpiles. The more than 30 member states are advanced economies in Europe, North America, and Northeast Asia, CNBC reported.

With today's drop, Brent crude prices have effectively eased 27% from recent highs, yet they are st...