MARKET WATCH: IEA releasing oil in hopes of pushing down prices

Oil prices dropped in early trading June 23 after Paris-based International Energy Agency said its 28 member countries agreed to release 60 million bbl of crude from strategic reserves at the rate of 2 million b/d for 30 days “in the coming month.” The US will provide 30 million bbl of this crude from its Strategic Petroleum Reserve (OGJ Online, June 23, 2011).

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