And welcome to closing bell. I am Frank Holland in for Scott Wapner. We're live at Post

9 right here at the New York Stock Exchange. And this make or break hour starts with a down day on Wall Street. Take a look. Stocks are slumping. In the red across the board, the Dow down more than 350 points, the NASDAQ fractioning lower, the S&P down a quarter of 1%. Small cap's pulling back by a half a percent. This is your scorecard with 60 minutes left in regulation.

Inflation holding steady, consumer prices. They rose 2.4% for February in line with what the street was looking for.

That news, however, overshadowed by the continuing moves higher in oil. The IEA is announcing it released 400 million barrels of oil, the largest ever from

its reserve. Still, you see oil prices moving higher right now. WTI accrued above $87 a barrel. Software,

that's a bright spot. The shares of Oracle jumping earnings and revenue beat estimates.

The company also raises fiscal 27 revenue forecast. We will discuss if it's time to jump back

into that sector again with our panel in just one moment.

But first we begin with the continuing moves in oil, really the story of this week, are Pippa Stevens with the very latest and what's driving it higher once again.

Pippa? Hey, Frank. Well, oil is rising and Brent is back above $90, even after the largest tapping of oil reserves in history,

with the International Energy Agency agreeing to release 400 million barrels across its 32-member

countries, about a third of the 1.2 billion barrels in emergency stockpiles.

Executive Director for T.B.R. saying, quote, the oil market challenges we are facing are unprecedented in scale.

Now, the IEA not yet giving a timeline for when these barrels will hit the market, but said it will be at a time frame appropriate to the circumstances of each country.

The flow rate, or how fast the oil can get out of reserves, is what is key.

J.P. Morgan estimates a daily flow of just 1.2 million

barrels per day, meaning it won't do a lot to offset how much is being lost daily in the Gulf.

When it comes to the U.S. specifically, Interior Secretary Doug Bergen, weighing in just now on CNBC's power lunch.

What you're hearing out of the IEA today is reasonable on their part, but clearly whether

the U.S. participates is up to President Trump, he'll make the final decision on that.

Now, the U.S.S.S.PR is at 58% of capacity with 415 million barrels.

Once the president decides to draw it down, it takes 13 days for the oil to be delivered. So the bottom line here is that the reserve barrels will take a bit, Frank, to hit the market. Back to you. PIPA, thank you very much. Our PIPA Stevens live at CNBC HQ. Time now to bring in our panel. Schwab's Kevin Gordon, CNBC contributor, Stephanie Link of Hightower,

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