GREEN
10/04/2008 05:12 am ET | Updated May 25, 2011

US Taps Oil Reserves To Ward Off Shortages Due To Storms

LONDON (AFP) - Oil prices fell on Wednesday as the US government decided to release crude stocks from its strategic reserve after Hurricane Gustav halted energy production in the Gulf of Mexico.

"The release of the oil will prevent any shortage and that will, of course, help calm the market," said Victor Shum, an analyst with energy consultancy Purvin and Gertz.

Oil prices were also weighed down by a strong dollar, which Wednesday struck an eight-month high against the euro.

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