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IEA Delivers No SPR Action After Extraordinary Meeting As Crude Jawboning Mania Enters Day Two
IEA Delivers No SPR Action After Extraordinary Meeting As Crude Jawboning Mania Enters Day Two
Update (1514ET):
For a second straight day, G-7 leaders attempted to push crude prices lower with headlines about an "emergency meeting" to discuss a possible Strategic Petroleum Reserve (SPR) release aimed at containing Brent and WTI crude prices. However, by late afternoon in New York, the Financial Times reported that the International Energy Agency (IEA) had concluded the meeting without reaching a decision on a coordinated release of crude stockpiles.
Today's slide in Brent and WTI was...
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