DOE denies report that US, UK have agreed to release oil reserves

15 March 2012 18:17  [Source: ICIS news]

HOUSTON (ICIS)--The US Department of Energy (DOE) denied a report on Thursday that the US and UK have agreed to tap into strategic oil reserves.

“We regularly consult with the British on energy issues and any discussion that we had was in that context,” a DOE spokeswoman said in an email. “We will continue to monitor the situation and consult with them and others.”

Reuters reported on Thursday that the US and UK agreed to release oil reserves to curb high fuel prices in an election year.

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

WTI oil prices were down on Thursday morning to about $104.20/bbl.

By: Bobbie Clark
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