The United States and 27 other nations that depend on oil imports are to release and sell 60 million barrels of crude from emergency stocks in an effort to ease the strain of high oil prices on the global economy.
The release by the International Energy Agency (IEA), covers only what the world uses roughly every 16 hours, but was enough to send oil prices considerably lower.
In addition to helping the struggling economies of the US and Europe, analysts said the move was meant as a rebuke to the Organisation of Petroleum Exporting Countries (OPEC), which has refused to increase oil production to bring down prices.
The release by the International Energy Agency (IEA), covers only what the world uses roughly every 16 hours, but was enough to send oil prices considerably lower.
In addition to helping the struggling economies of the US and Europe, analysts said the move was meant as a rebuke to the Organisation of Petroleum Exporting Countries (OPEC), which has refused to increase oil production to bring down prices.
