Oil prices drop by more than 40 cents

Oil prices fell by more than 40 cents after surprise U.S. plans to initiate a “test” release of crude oil from the Strategic Petroleum Reserve (SPR). The news spurred speculation of efforts to contain Russia’s energy influence in Crimea.

While the volume of oil was relatively small, the test itself suggested to some analysts that the Obama Administration may be preparing for wider use of the the Strategic Petroleum Reserve.

 

 

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