NEW YORK, March 20 (Reuters) - Brent and U.S. crude oil futures pared losses on Tuesday after a report that Germany and France were opposed to an emergency release of strategic oil reserves, according to officials from both countries. In London, ICE Brent crude for May delivery was down $1.50, or 1.19 percent at $124.21 a barrel by 11:05 a.m. EDT (1505 GMT). Before the news broke, it traded down $1.44, or 1.15 percent, at $124.27. NYMEX crude for April delivery was down $1.59, or 1.47 percent at $106.50. Before the news, it was down $1.86, or 1.72 percent, at $106.23.