LONDON, New York (Reuters) – Oil futures fell more than $6 a barrel on Wednesday to their lowest settlement level since March 16, following a sudden increase in US crude inventories, and after news that major consuming nations would also release oil from Reserves in coordination with the United States to allay concerns about supplies.
Two informed sources said that IEA member states will release 120 million barrels of strategic reserves, including 60 million barrels from the United States.
Brent crude futures fell $5.57, or 5.22 percent, and settled at $101.07 a barrel.
US West Texas Intermediate crude contracts fell $5.73, or 5.62 percent, to $96.23 a barrel.
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