Treasury's Geithner: Oil release not political move

Reuters News
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Posted: Jun 24, 2011 5:19 PM
Treasury's Geithner: Oil release not political move

WASHINGTON (Reuters) - Treasury Secretary Timothy Geithner said on Friday that the decision by the international community to release government oil reserves was not a political move.

The decision to release a total of 60 million barrels of oil from reserves was meant to meet the shortfall caused in part by the crisis in Libya, Geithner said. Oil prices have been rising due to political unrest in the Middle East and North Africa.

(Reporting by Rachelle Younglai)