Oil Tanks As IEA Pledges Release of Strategic Reserves

Oil fell below $115 in mid-day trading, after surging to over $120 in the morning.

Tropical Storm Gustav (well on its way to becoming Hurricane Gustav) was dominating the oil storyline until the International Energy Agency (IEA) said it is ready to release strategic oil stocks if necessary.

There is precedent for this possible intervention by the IEA. In 2005, the IEA infused addtional oil supply into the markets following Hurricane Katrina.

See Also:
Congress Desperate To Save Oil-Price Scapegoat, Investigates CFTC

OK, Now Gas Prices Are Really Too High: P. Diddy Now Flies Commercial

That’ll Be $22 Billion Extra To Heat Your Homes This Year, Please

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.