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Oil Sinks by Most in Two Weeks With Supply Concerns Easing

  • U.S. raising prospect of releasing emergency oil reserves: FT
  • Putin says Russia will increase natural gas exports to Europe
Fuel Tanker-Truck Driver Shortage As Summer Demand Rises
Photographer: George Frey/Bloomberg
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Oil declined by the most in two weeks in the wake of growing U.S. inventories and after Russia signaled it is ready to help ease a global energy crisis. 

Futures in New York slid 1.9% on Wednesday and extended declines late in the session after the Financial Times reported that the U.S. is raising the prospect of releasing emergency oil reserves. Prices were weaker with U.S. government data showing growing crude stockpiles and amid Russian President Vladimir Putin’s indications that the country will ramp up gas exports to stabilize energy markets.