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Crude oil prices tumbled Thursday on fresh news of U.S. economic weakness and a pledge by 28 countries to release 60 million barrels of oil from strategic reserves.

On the New York Mercantile Exchange, light, sweet crude for August delivery fell almost $5 a barrel to around $90.51 a barrel. Oil's most recent high was $113.93 a barrel in April.

The International Energy Agency, based in Paris, warned that the tight oil market "threatens to undermine the fragile global economic recovery" by forcing individuals and businesses to spend more on energy and less on other goods and services.

It said it made the move because normal increase in demand over the summer "will exacerbate the shortfall further" and pledges by some oil producers to boost ouput will take a while to have an effect.

The 28 members of the IEA — mainly oil-importing countries in Europe — will make 2 million barrels a day available from their emergency stocks over an initial period of 30 days.

Months of fighting in Libya have removed 132 million barrels of light, sweet crude oil from the market by the end of last month, the agency estimated.

Prices have been high in recent months. They eased this week, to below $93 a barrel on Thursday, due to concerns that U.S. economic growth and crude demand will weaken. Demand growth in China, the world's second-largest oil consumer, has also slipped slightly but remains robust.


Posted 11:52 AM

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NOTICE: This and all content is developed from sources believed to be providing accurate information. The information in this material is not intended to be used as tax or legal advice. Please consult with a tax and/or legal professional for detailed information regarding your individual situation. Some of this material was developed and shared by Reliable Insurance Managers, Inc. to provide information that may be of interest. Reliable Insurance Managers, Inc. is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.
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