IEA May Avert ‘Toxic’ Mix of Oil Prices

- June 27th, 2011

Bloomberg reports that the International Energy Agency’s emergency release of oil stockpiles is likely to avert a “toxic combination” of rising prices and U.S. interest rates.

Bloomberg reports that the International Energy Agency’s emergency release of oil stockpiles is likely to avert a “toxic combination” of rising prices and U.S. interest rates.

The market news is quoted as saying:

 

The IEA, an energy adviser to 28 countries including the U.S., Japan and Europe’s biggest economies, said on June 23 that members would release 60 million barrels of stockpiles over 30 days, the third such move in the agency’s history, after OPEC failed to reach a consensus on raising output at a June 8 meeting. Oil prices have fallen about 8 percent since the IEA’s announcement.

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