Oil exchange traded funds were down sharply Thursday morning on reports the International Energy Agency will release 60 million barrels of oil from its strategic reserve.
U.S. Oil Fund (NYSEArca: USO) fell 4% in recent trading.
The IEA is releasing oil stocks over the coming months to combat supply disruptions due to the fighting in Libya, according to reports.
Crude futures plunged Thursday morning to close to $90 a barrel.
U.S. Brent Oil fund (NYSEArca: BNO) slipped 5% at last check.
U.S. Oil Fund