New Delhi, March 11 -- Crude oil prices traded higher on Wednesday morning after falling around 7% earlier in the session.

Prices recovered after reports suggested that the International Energy Agency (IEA) is considering a large release of oil from the strategic reserves of its member countries.

According to a report by The Wall Street Journal, the IEA has proposed the largest release of oil reserves in its history in an effort to ease global crude prices.

The proposed release would exceed the 182 million barrels of oil that IEA member countries released in 2022 during the Russia-Ukraine war, the report said.

IEA member countries currently hold more than 1.2 billion barrels of public emergency oil stocks, along with an additional 600...