IEA releases 60M barrels from reserves
The IEA members has agreed to release 60M barrels of oil from the reserves into the global market. There was estimates that the figure would be 70M barrels yesterday.
- US to release 30M barrels. Back in November the US released 50M barrels from it’s SPR
The price of crude oil continues to surge. It is currently trading at $102.25 up around $6.40 on the day. The high price reached $102.77. The low reached $95.32 today.
Looking at the hourly chart below, the price is up 14.09% from the low on February 25 to the high today.
In other oil news, OPEC states compliance in February showed an output increase of 420K BPD to 28.39M BPD. The increases was led by Saudi Arabia, Iraq and Iran.
