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STORY: A million barrels per day of emergency reserves are being released, aimed at lowering fuel pricesBut 5 million of them ended up in Europe and Asia in June, blunting the initiativeCustoms data shows 470,000 barrels shipped to ItalySources say reserve crude was also headed to the Netherlands, India and ChinaNamed refiners Phillips 66 and ATMI did not comment on the reportThe emergency move by the Biden administration is draining the Strategic Petroleum ReserveLast month it fell to the lowest level since 1986QUOTE: Matt Smith, lead oil analyst, Kpler"Crude and fuel prices would likely be higher if (the SPR releases) hadn't happened, but at the same time, it isn't really having the effect that was assumed."U.S. crude futures remain above $100 a barrelAnd in a fifth of the country diesel prices are above $5 a gallon