Oil prices fall as IEA agrees to accelerate oil stock release

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Oil prices have fallen in choppy trade after the International Energy Agency agreed to speed up the release of oil stocks and prioritise diesel to curb record-high fuel prices as the Iran war squeezes global supplies, Reuters reports.

Brent crude futures are down 50 cents, or 0.5 per cent, to $100.08 a barrel as of 1:18pm Eastern Time (10:18pm PKT). US West Texas Intermediate (WTI) crude futures are down $1.18, or 1.32pc, to $88.26.

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