Oil Comes Crashing Down as IEA Releases Stragetic Inventories To Bring Prices Down

Oil is off about 5% this morning on the news.

IEA: TO RELEASE STRATEGIC OIL INVENTORIES;

Will release 60M BBLS over coming month a rate of 2M barrels per day, for 30 days, then will reassess the situation.

• Release of crude stocks will bridge production gaps stemming from Libya crisis, 132M bbls of production have been lost due to Libya disruption.
• IEA believes that the impact of the supply disruption has been worse for developing economies.
• 2M bpd will be available over the next month.