Oil Selloff Accelerates as IEA Sets Coordinated Global Release
- IEA members to add to U.S.’s 180-million barrel release
- U.S. crude stockpiles rose last week, adding bearish pressure
This article is for subscribers only.
Oil fell to the lowest since mid-March after the International Energy Agency said it will deploy 60 million barrels of oil from emergency stockpiles to bolster the historic release announced by the Biden Administration.
West Texas Intermediate closed below $97 a barrel after earlier rising as high as $104 on Wednesday. The IEA’s Fatih Birol said members will release 120 million additional barrels of oil, including about 60 million from the U.S. Meanwhile, government data showed U.S. crude stockpiles rose by more than 2 million barrels last week.