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NEWS: The IEA announces it will release 400 million barrels of oil from emergency reserves to stabilize the market.
WTI and Brent crude prices fell by about $3 but have recovered. It seems the market has already priced in the news from previous days.
Analysts believe that strategic reserves are only a temporary solution, not a long-term supply source.
If the conflict persists and reserves are heavily used, countries will need to replenish them, which could increase oil demand in the future rather than reduce pressure on the market.