Oil pared declines in New York after an Obama administration official said a report that the U.S. and the U.K. agreed to cooperate in an agreement to release oil from strategic reserves wasn’t accurate.

Futures rebounded from a 1.6 percent drop after an Obama administration official said there has been no agreement on a release of oil. The official spoke on condition of anonymity. Reuters reported earlier that the two nations would cooperate in an effort to cut rising gasoline prices.

Crude oil for April delivery dropped 37 cents, or 0.4 percent, to $105.06 a barrel on the New York Mercantile Exchange. The price dropped to $103.78 after the report.

Brent crude for April fell $1.47, or 1.2 percent, to $123.50 a barrel. The price ranged from $120.97 to $125.35.