Oil rebounds after slide on IEA stocks release
New York, June 24, 2011
Oil bounced back more than a dollar on Friday after slumping in the previous session on news the world's top consumers released emergency oil reserves for only the third time ever.
Brent crude rose $1.10 to $108.36 a barrel by 0008 GMT after falling to four-month lows on Thursday. US crude gained $1.17 to $92.19 a barrel.
The International Energy Agency announced on Thursday it would inject 60 million barrels of government-held stocks into the global market, immediately increasing world supply by some 2.5 per cent for the next month and sending prices spiralling down, with U.S. crude prices erasing all of the year's gains.-Reuters