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IEA: Up to 750K barrels oil a day off market

IEA: Up to 750K barrels oil a day off market (CLJ11) (by Wallace Witkowski)

SAN FRANCISCO (MarketWatch) -- Between 500,000 to 750,000 barrels of oil a day have been removed from the world market, according to the Governing Board of the International Energy Agency Thursday. The amount represents less than 1% of global consumption, IEA said. The announcement comes after supply disruptions because of the unrest in Libya. The IEA said it is in close contact with OPEC and that IEA members have 145 days of emergency oil stocks at their disposal. Crude oil for April delivery (CLJ11) rose $1.62, or 1.6%, to $99.72 a barrel on the New York Mercantile Exchange.

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IEA: Up to 750K barrels oil a day off market