International Energy Agency says 28 countries to release 60M barrels of oil
Posted June 23, 2011 4:45 pm.
This article is more than 5 years old.
It’s a boon for drivers… but a kick in the teeth for many investors.
The slumping price of oil is taking the markets down with it, after the international energy agency announced it would release emergency oil reserves.
In the meantime, the agency says 28 countries will release 60 million barrels of oil to the market, due to the disruption of oil supplies from Libya.
The agency says about 132 million barrels of crude oil were absent from the market at the end of May because of Libya’s supply problems.
The August crude contract on the New York Mercantile Exchange fell $4.53 to US$90.86 a barrel.
