UPDATE: Report On Tapping Oil Reserves Is Inaccurate, Obama Aide Says

(Updates at bottom.)

OIl just moved sharply lower.

It had been up modestly earlier in the day, but now Brent Crude has fallen 2.4 per cent.

This tweet from Reuters’ Pedro da Costa explains why …

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UPDATE: Here’s the full story from Reuters.

UPDATE II: A Bloomberg blast just came out, saying that previous reports about an agreement on releasing oil from strategic reserves was inaccurate, according to an Obama aide.

Oil prices recovered sharply on that news. Check out that rebound:

Photo: Marketwatch

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