Saturday, June 25, 2011

Suspicious Oil Trading Ahead of Stockpile Move Scrutinized

 US commodity regulators were examining Friday whether word of a decision to coordinate a release of global oil stockpiles was leaked ahead of Thursday's announcement by the International Energy Agency, a person familiar with the matter said.
Officials with the Commodity Futures Trading Commission as well as market participants have pointed to unusual trading in the oil futures market before the IEA's announcement that it would release 60 million barrels of oil, the person said.

Member countries of the IEA agreed to take two million barrels of oil a day from their emergency stocks over the coming months, marking the IEA's third and largest release in its 40-year history.
The US will release 30 million barrels of oil from the Strategic Petroleum Reserve, representing four percent of its historically-high level of 727 million barrels.

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