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Oil Pares Gains Amid Report of Reserves Release

Oil prices rose to above $100 a barrel as the conflict in the Middle East continues. Brent spiked as much as 29% to $119.50 a barrel. Prices pared gains after 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. Bloomberg's Stephen Stapczynski breaks down the situation.