Largest Ever Petroleum Reserve Release Forces Oil Lower ...Middle East

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Largest Ever Petroleum Reserve Release Forces Oil Lower
U.S. West Texas Intermediate crude oil futures are edging lower on Friday as traders await the outcome of a meeting of International Energy Agency (IEA) member nations set to discuss a release of emergency oil reserves alongside a huge planned release by the United States. The U.S. benchmark is on course for a 12%-13% weekly decline – the sharpest in almost two years, after an earlier surge driven by the Ukraine conflict had seen prices rise by more than 30%. The limited price action suggests traders are still digesting the bearish news that…

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