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Oil plunged after the IEA announcement. The group said it should more than make up for the loss of Libya's 1.5 million barrels of daily exports. The release is only a temporary fix, however, and analysts say world supplies will continue to tighten
-- pushing prices higher -- unless IEA loosens the spigot again. In other Nymex contracts on Friday, heating oil lost 3.3 cents to $2.9132 per gallon, gasoline fell 2.8 cents to $2.941 per gallon and natural gas fell 5.5 cents to $4.32 per 1,000 cubic feet.
[Associated
Press]
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