Original post: Very strange stuff happening.
Oil is plunging and right now there's an "urgent" IEA press conference about to start. Nobody knows what it's about.
Update: The IEA has announced plans to release 60 million barrels of oil in the coming months to assuage supply concerns related to Libya.
30 million barrels are coming from the US Strategic Petroleum Reserve.
Oil continues to get killed this morning, and is now zooming towards $90.
further. Greater tightness in the oil market threatens to undermine the fragile global economic recovery.
help bridge the gap until sufficient additional oil from them reaches global markets.
and to ensuring a soft landing for the world economy."
their coordinated action and decide on possible future steps.