Oil’s Rally Above $100 Loses Steam on Reserves Release Report

Oil pulled back toward $100 a barrel, paring a huge daily jump, as a report about talks on a co-ordinated release of reserves took some heat out of the market wracked by the war in the Middle East.

Brent was still trading 17% higher around $108 a barrel, but much lower than the early session peak of $119.50. West Texas Intermediate futures also eased. The Financial Times reported that Group of Seven finance ministers will discuss a possible joint release of oil from reserves co-ordinated with the International Energy Agency on Monday, citing people familiar with the situation.

The war ...