Oil prices fall as IEA agrees to accelerate oil stock release
USO•USO•USO•USO•Oil prices fell after the International Energy Agency agreed to speed up oil stock releases, which could bring around 100 million barrels to market. Brent was down 0.5% at $100.08 a barrel and U.S. WTI fell 1.32% to $88.26.
The IEA said completing previously announced releases as quickly as possible could bring around 100 million barrels to market, though analysts and some governments said that figure did not necessarily represent a fresh intervention of that size. U.S. crude inventories fell 3.2 million barrels to 424.1 million in the week ended October 2, against analysts’ expectations for a 1.7 million-barrel increase.
Houthi attacks on Aden international airport and strikes on Russian oil facilities added to concerns about supply disruption. Forecasters said a storm forming in the Gulf of Mexico was likely to hit oil and gas facilities; a model forecast estimated that about 11.2 million barrels of oil production could be lost across the Gulf during the storm.
