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.
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