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Crude oil futures -4.8% to $90.81 after the IEA announcement to release additional oil into...

Crude oil futures -4.8% to $90.81 after the IEA announcement to release additional oil into the market. Oil shares (XLE -3.3%) fall more than any other sector, pulling broader market indexes lower. OXY -3.5%, XOM -2.7%, CVX -3.4%, COP -2.7%.
Comments (15)
  • Just not the US releasing oil, but other countries also. Interesting.
    23 Jun 2011, 09:53 AM Reply Like
  • This the greatest stimulus package available.
    23 Jun 2011, 09:55 AM Reply Like
  • LOL the recovery is so strong the government has to panic and release oil reserves - right
    23 Jun 2011, 09:57 AM Reply Like
  • QE3 worldwide. What's interesting is that the amount of oil released in the USA is only about 3 days worth of supply and comes at a time when oil prices were dropping anyway...but I think the intent was to get Brent more in line with WTI and thereby lower the price of gasoline/distilates.
    23 Jun 2011, 09:58 AM Reply Like
  • more government manipulation - doomed to fail
    23 Jun 2011, 10:06 AM Reply Like
  • Yet another misguided action taken by the administration.
    23 Jun 2011, 10:06 AM Reply Like
  • hey moose you know what the iea stands for? yet another misguided comment.
    23 Jun 2011, 10:13 AM Reply Like
  • Hey Bozer, we could always have said, NO.
    23 Jun 2011, 10:21 AM Reply Like
  • So when oil was at $114 a barrel, no action. But now that oil is back down to $92, lets dump some of the SPR onto the market. How stupid is that? Yeah, I like cheap gas too, but the timing is stupid, and the reasoning is stupid. Besides that, Saudi Arabia is the largest exporter of oil. If there is one country that can swing oil prices one way or another, its Saudi Arabia. Anyone that pays attention to what is happening with OPEC will realize Saudi Arabia has been the only country pushing to expand production. With us dumping oil onto the market we're essentially making them look stupid. Why should they fight to expand production when the US will burn them anyway? They may choose to allow us to use our finite resources in the SPR, and then what? This is a stupid political stunt that may backfire horribly.
    23 Jun 2011, 10:11 AM Reply Like
  • Duude, you don't remember back then that Obama said he was going to look into oil spec manipulation etc, and SA boards lit up saying 'witchhunt' and then oil dropped... $10? That's action in my opinion.

     

    Also, a whole slew of other ancillary economic data was, believe it or not, different.

     

    Also, after last OPEC meeting SA came out with three other countries, Kuwait being one, that all said they would raise output regardless of OPEC meeting.
    23 Jun 2011, 10:17 AM Reply Like
  • This is not just the US but also other countries releasing their oil reserves. This makes me a bit curious. Easy to slam a policy without knowing the real reasoning behind it. Granted, the reasoning may still be misguided, but not the reasoning you assume.
    23 Jun 2011, 10:18 AM Reply Like
  • World economics dropped after oil hit $114. Have you already forgot about what's going on in Europe and the "soft patch" here in the US? Or the skyrocketing inflation in China? Oil didn't immediately drop after Obama spoke. In fact, it went up.
    As for countries that can make a difference in world oil supply, Kuwait doesn't really register without Saudi Arabia. Get real.
    23 Jun 2011, 10:45 AM Reply Like
  • Ah, I see, selective interpretation of the data.
    23 Jun 2011, 10:51 AM Reply Like
  • The governments printing press has been reloaded with crude instead of ink...but, unlike paper & ink we only have so much crude...no matter where it comes from and maybe thats a good thing.
    23 Jun 2011, 10:19 AM Reply Like
  • IEA is about 4 years too late. If they would have done this pre 2008 crash then things would have been much different.
    23 Jun 2011, 01:37 PM Reply Like
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