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U.S. to Sell 5 Million Barrels in Test for Oil Reserves

The Obama administration said it plans to sell 5 million barrels of crude from the U.S. Strategic Petroleum Reserve in a test of the distribution system.

The sale of less than 1 percent of the total stockpile has been scheduled for some time and isn’t tied to turmoil in Ukraine or other geopolitical events, said William Gibbons, an Energy Department spokesman.