SPR oil release ‘equivalent' to QE2

by Sam Fletcher, Senior WriterThe International Energy Agency's decision to release 60 million bbl of crude and petroleum products from the strategic petroleum reserves is "the equivalent of QE2 in the oil market," said Barclays Capital analysts.QE2, the second phase of the Federal Reserve Bank's quantitative easing program that critics claim failed to stimulate the US economy, expires this month. Oil prices may decline in the third quarter due to IEA's aggressive action but may surge again going into 2012, analysts said.Weeks before the June 8 meeting of the Organization of the Petroleum Exporting Countries, IEA governors said they were "prepared to consider using all tool...

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