23 June 2011 15:05 [Source: ICIS news]
LONDON (ICIS)--Brent crude on ?xml:namespace>
The 28 IEA member countries have agreed to make 2m bbls/day of oil available from their emergency stocks over an initial period of 30 days in response to the ongoing shortage of oil supplies from
“I expect this action will contribute to well-supplied markets and to ensuring a soft landing for the world economy,” said IEA executive director Nobuo Tanaka.
Meanwhile, the US dollar strengthened this morning after the US Federal Reserve indicated that further monetary injections will not be implemented.
By 13.10 GMT, August Brent crude had hit a low of $108.10/bbl, a loss of $6.11/bbl from Wednesday’s close of $108.10/bbl, before recovering to around $108.46/bbl.
At the same time, August NYMEX light sweet crude futures were trading around $91.09/bbl, having hit a low of $90.32, a loss of $5.09 from the previous close.
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