Oil Markets Fret Over 'Fiscal Cliff' Amid Leadership Change
In the end, the rumored pre-election release in mid-September of U.S. strategic oil reserves, aimed at easing high gasoline prices, never materialized. But if the tense political backdrop in the Middle East escalates, many believe supply threats will return to the fore, sending the price of benchmark Brent crude oil past $120 a barrel and renewing calls for a release of emergency supplies.
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