Crude, Gasoline, Heating Oil Drop on IEA Release: Oil Products
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Crude oil, gasoline and heating oil tumbled in New York after the International Energy Agency said its members would release crude from strategic reserves. Ethanol also declined.
The agency announced the release of 2 million barrels a day for 30 days beginning next week to help make up for a Libyan supply disruption. Half the amount will come from the U.S. Strategic Petroleum Reserve, according to the IEA and the U.S. Energy Department.