Heating Oil Retreats as Saudis, IEA, U.S. Assure Oil Supplies
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Heating oil sank and gasoline was little changed as Saudi Arabia, the U.S. and the International Energy Agency said they would replace supplies lost because of Libya’s political unrest.
Futures retreated from 29-month highs as President Barack Obama said the U.S. will be able to ride out a disruption in oil supplies and the IEA said it stands ready to release emergency stockpiles. Saudi Arabia and other OPEC nations are willing and can replace any lost Libyan oil as soon as companies ask for it, a Saudi Arabian oil official said.