Goldman: Concerted Release Of Petroleum Reserve Won’t Move Oil Prices Much

The oil market has already priced in the concerted release of crude oil from national reserves, Goldman Sachs has said, adding that the U.S. was expected to release between 20 and 30 million barrels, with the rest of the group likely releasing a combined 30 million barrels. The United States talked to China, India, Japan, and South Korea about a joint release from strategic reserves in a bid to rein in crude prices and send a strong-worded message to OPEC. However, India and Japan have refused to release any crude from their strategic reserves.…