The Obama administration hasn’t reached an agreement with the U.K. to release crude oil from its emergency reserves and a report suggesting otherwise was inaccurate, White House spokesman Jay Carney said Wednesday.

U.S. crude futures fell as much as $1.58 from an intraday high of $106.18 a barrel after Reuters reported that Britain expects the U.S. to move soon to open its emergency oil reserves amid rising prices. Reuters quoted U.K. officials saying they expected the request soon and said the U.K. would cooperate with the move.

Reports of such a deal are “inaccurate” and “false,” Mr. Carney said. He added that it was wrong to say there was a timetable for an agreement. People familiar with the U.K. position in the talks said they don’t believe such an agreement has been made.