Oil futures are trading mixed in early Asian markets as traders weigh the International Energy Agency's proposal for a massive release of strategic reserves. The IEA plans to release more than 182 million barrels of oil, exceeding the two releases conducted in 2022, according to officials familiar with the matter.

Front-month West Texas Intermediate crude fell 0.1% to $83.33 per barrel, while Brent crude rose 0.2% to $87.97 per barrel. The IEA member countries are expected to vote on the proposal Wednesday, with the aim of reducing crude oil prices that have been elevated due to various market pressures.

This potential release represents the largest coordinated effort to flood the market with supply in recent history. Traders are carefully analyzing how this unprecedented move might impact global oil prices and energy markets in the near term.