Oil prices fall after IEA move

Oil prices have tumbled after a shock move by the International Energy Agency to open its emergency reserves.

Oil prices fall after IEA move
Thu, 23 Jun, 2011 - 17:55

Oil prices have tumbled after a shock move by the International Energy Agency to open its emergency reserves.

The price of North Sea Brent crude fell by more than 5% to £107 a barrel with light crude falling to $90 per barrel after the IEA said it would release $60m barrels of oil to make up for the loss of Libyan exports.

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