US, UK agree to release strategic oil reserves - report

15 March 2012 16:15  [Source: ICIS news]

HOUSTON (ICIS)--The US and UK have agreed to tap into strategic oil reserves, Reuters reported on Thursday.

The report said the move was an effort to curb high gasoline prices in an election year. President Barack Obama is running for reelection this year.

Two British sources told Reuters that the UK would “respond positively” to a US request to release oil from government controlled reserves, the news service said.

The US Department of Energy did not immediately respond to a request for comment.

WTI oil prices were moving down at 11:00 hours Houston time (16:00 hours GMT) at about $104.20/bbl.

By: Bobbie Clark
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