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Oil prices fell today after the US government said it would release more crude from the Strategic Petroleum Reserve, based on a congressional authorization, contrary to expectations of some traders to cancel or delay the sale.
Reuters reported that Brent crude futures fell 43 cents, or 0.5 percent, to $86.18 a barrel.
US crude futures also fell 71 cents, or 0.89 percent, to $79.43 a barrel.
The US Department of Energy had considered canceling the sale for fiscal year 2023 after the Biden administration last year sold a record amount of 180 million barrels of reserves, but such a cancellation would have required action from Congress.
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