Oil drops below $100 after IEA co-ordinates release – The National

Oil drops below $100 after IEA co-ordinates release – The National

Oil prices dropped below $100 a barrel after the International Energy Agency co-ordinated a second release from its emergency stockpile that will add 60 million barrels of crude to the market in addition to the millions of barrels released by the US from its crude reserves to ease tight global supplies.

Brent, the global benchmark for two thirds of the world's oil, was trading 0.66 per cent lower at 99.92 per barrel at 8.45am UAE time on Friday for the first time since mid-March, while West Texas Intermediate, the gauge that tracks US crude, was 0.43 per cent weaker at $95.62 a barrel. By 11.29am, Brent edged back up, gaining 0.42 per cent to $101.1 and WTI increased 0.52 per cent to $96.53.

“Oil prices are slipping … that wouldn't have been something to celebrate only a few months ago but a lot has changed since then,” said Craig Erlam, senior market analyst at Oanda.