No Matter What IEA Does, Oil Will Still Fall

CNBC reports that Oil prices surged after the news that International Energy Agency has decided against releasing more oil from its emergency reserves.

The market news is quoted as saying:

Data this week has pointed to a further slowdown in the global economy: China’s manufacturing sector may contract for the first time in a year after new orders dropped, while Europe’s private sector grew at its weakest pace in nearly 2 years.

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