Oil prices plunged after the International Energy Agency decided to tap emergency reserves to make up for lost Libyan output and to give the global economy relief from high energy prices. Markets were roiled as the Paris-based IEA announced its surprise decision, only the third time in history that the 28-member group of oil-importing countries has taken such a step. The main oil contract traded in New York — West Texas Intermediate (WTI) light, sweet crude for August delivery — plummeted $4.39 to close at $91.02 a barrel, a one-day drop of 4.6 percent. The WTI contract hit an intraday low of $89.89 a barrel, a level not seen since February. In London, on the IntercontinentalExchange, Brent North Sea crude for August delivery tumbled $6.95 to $107.26, a six percent drop. The IEA said 60 million barrels would be taken from its members’ strategic oil stocks over the next month to replace output from Libya where a revolt against longtime leader Moamer Kadhafi has practically halted output. Libya has been in turmoil since a popular uprising against Kadhafi began in February and a coalition of NATO countries launched a campaign of air strikes against longtime leader Moamer Kadhafi has practically…
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