🚨 Oil markets are seeing a historic reversal.

At 10:30 PM ET, U.S. crude was up as much as +30% on the day.

Then FT reported that G7 countries are considering releasing ~400M barrels from strategic reserves.
Within less than 4 hours, oil reversed sharply:

🛢 WTI now near $100/barrel

📉 Gains cut to ~+12% on the day

More than half of the rally has already been erased.
Energy markets are now being driven by policy headlines as much as supply shocks.
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