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Talk of a global oil inventory release weighs on crude

WTI Crude Oil slipped to $101.40 from a high of $103.71.

A big reason for the drop is a report by Quantum Commodity Intelligence that the IEA plans to announce a release of 120 million barrels of global oil.

It’s a confusing headline because the United States has already pledged 180 million barrels. At the time, Biden was also hinting at 30-50 million barrels from other countries.

There was a previous release announcement, so this one may include them or it may be for a shorter period. They say ad could come at the end of the hour so be careful then. Expect market expectations to center around this 30-50m range.

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