Denial of Emergency Reserve Report Brings Oil Prices Back Up

By: Associated Press
By: Associated Press

After falling more than $1 a barrel earlier today -- on reports that the U.S. and Britain had agreed to release oil from emergency reserves -- oil prices have come back.

The rebound came after the White House said the reports were inaccurate.

Oil had fallen toward $104 a barrel this morning after several news organizations reported that President Barack Obama and British Prime Minister David Cameron had agreed to release spare supplies in an effort to drive down prices. But after the White House denial, the benchmark price finished above $105 in New York.

In the U.K. this year, diesel prices have increased 3 percent, while gasoline prices have jumped 17 percent in the United States.

The U.S. released oil from its Strategic Petroleum Reserve in August with only limited success. Oil prices dropped nearly 5 percent, but rebounded over the next eight days.

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