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Obama: Oil Prices Not Primarily Moving on Supply Hits

Source: Reuters 3/11/2011, Location: Africa

U.S. President Barack Obama said on Friday oil prices have been driven up by market uncertainty and stronger world growth, rather than a severe dent in supply due to fighting in Libya.

Declining to spell out what price thresholds would trigger a release from U.S. strategic oil reserves, Obama also pointed out that the reserve was intended to offset a severe disruption in supply.

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