Oil price tumbles after reserves release

Oil price tumbles after reserves release Oil prices tumbled after Western nations surprised the market, releasing the biggest amount of oil from their emergency strategic stocks since 1991, in a calculated shot across the bows of Opec, the oil producers’ cattle.

The International Energy Agency agreed to release 60m barrels of oil in the coming month to offset the loss of 1.5m barrels a day production of high quality oil from Libya, the north African country engulfed in a civil war.
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