WSJ: US/Other major oil consuming nations consider releasing 70M barrels from SPR

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The Wall Street Journal is reporting that US, and other major oil consuming nations are considering releasing 70 million barrels of oil from its emergency strategic petroleum reserves.

OPEC is scheduled to meet this week. The US has informed Saudi Arabia they expect that the plan production increases will continue unabated (expected production increase to remain at 400,000 barrels a day)

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The price of crude oil is trading at $95.72. That’s still up around $4.10 on the day, but off its intraday high of $98.17. Below for the day was at $91.92. The spike high last week reached $100.50 before coming back off and closing lower on the week.

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