UPDATE: Oil Tanks on Word US, UK Agree on Releasing Emergency Crude
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(Updated - March 15, 2012 12:07 PM EDT)
Oil moved sharply lower mid-day Thursday following reports from Reuters the U.S. and the U.K. have reached an agreement to jointly release emergency oil stockpiles. The U.S. is also talking to others counties, including Japan, to contribute.
While the news has not been confirmed, the U.S is expected to make a formal request to release emergency crude soon.
The amount of crude to be released from global emergency reserves is not known.
The situation remains in flux; an aide from the White House has now said reports of the agreement were in fact inaccurate.
After initially dropping about 1.7 percent from session highs, the US Oil Fund ETF (NYSE: USO) spiked higher following reports of the inaccuracy. The ETF is now down about 0.6 percent.
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Oil moved sharply lower mid-day Thursday following reports from Reuters the U.S. and the U.K. have reached an agreement to jointly release emergency oil stockpiles. The U.S. is also talking to others counties, including Japan, to contribute.
While the news has not been confirmed, the U.S is expected to make a formal request to release emergency crude soon.
The amount of crude to be released from global emergency reserves is not known.
The situation remains in flux; an aide from the White House has now said reports of the agreement were in fact inaccurate.
After initially dropping about 1.7 percent from session highs, the US Oil Fund ETF (NYSE: USO) spiked higher following reports of the inaccuracy. The ETF is now down about 0.6 percent.
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