Crude oil futures were higher in mid-morning Asian trade April 7 as investors returned to buy the dips after news of IEA members agreeing to a 120 million barrels oil reserve release sent oil prices tumbling overnight.
At 10:15 am Singapore time (0215 GMT), the ICE June Brent futures contract was up $1.61/b (1.59%) from the previous close at $102.68/b, while the NYMEX May light sweet crude contract rose $1.43/b (1.49%) to $97.66/b. IEA member countries agreed to release 120 million barrels of oil from storage, which includes 60 million barrels already pledged from the US, as part of its overall draw from its strategic petroleum reserve, IEA Executive Director Fatih Birol tweeted April 6. This comes after the US pledged to tap 180 million barrels of oil last week, effectively releasing 1 million b/d for six […]