Oil Erases 2011 Gains as Reserves are Tapped

Oil and Gas Investing

Bloomberg reports that oil declined after the International Energy Agency said its members would release crude from strategic reserves.

Bloomberg reports that oil declined after the International Energy Agency said its members would release crude from strategic reserves.

The market news is quoted as saying:

Oil fell 4.6 percent as the agency announced the release of 2 million barrels a day for 30 days beginning next week to help make up for a Libyan supply disruption.

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