by Bespoke Investment Group
Oil is getting crushed this morning on news that the IEA will release 60 million barrels of crude to make up for the shortfall created by the unrest in Libya. At a current level of around $91 per barrel, NYMEX crude is now poised to close below its 200-day moving average for the first time in more than six months, and below its highs from late December and early January.
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