Oil prices decrease
The price of oil fell on Friday after a trade journal reported that Western countries might release more oil reserves.
Benchmark crude traded in New York fell 12 cents to finish at $96.15. Brent crude traded in London fell 28 cents to $113.31. Brent is used to price global varieties of oil.
The Obama administration has been considering a release of oil from the Strategic Petroleum Reserve to dampen the rise in oil prices, which are up more than $8 per barrel this month. Releasing reserves would boost the supply of oil, which would drive prices lower.
On Friday, the publication Petroleum Economist reported, based on anonymous sources, that the International Energy Agency had agreed to endorse a plan to release oil from petroleum reserves. The agency, based in France, did not respond to an email seeking comment, and no one an
Earlier Friday, oil prices rose slightly on worries about Tropical Storm Isaac, which has the potential to reach hurricane force in the Gulf of Mexico.