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WTI oil trading near $92 a barrel on IEA reserves release

WTI oil futures open Friday’s trading session around $92 a barrel after a big sell off on Thursday saw WTI oil prices fall over three percent after the IEA said it plans for over 20 countries around the world to release and sell 60 million barrels of crude oil from emergency stocks.

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US Light crude oil futures for August 2011 delivery was trading at $92.20 a barrel, 07.20 GMT this morning in electronic trading on the NYMEX.

The release by the IEA, a group of more than twenty countries, covers only what the world uses roughly every 16 hours, but it was enough to send oil prices lower, at least for the moment.

It will be the largest sale of crude oil stocks ever from world strategic oil reserves and only the third since the IEA was formed in 1974 after the Arab oil embargo.

Last Resort to High Oil Prices

“The move is significant as it represents a reach by member countries for the remedy of last resort to high prices. The oil price spike is being cited as the reason for the economic slowdown and this is reaction to that.” said US energy analyst John Kilduff at Again Capital.

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