Oil price falls as IEA decides to release 60 mbd from reserves to offset Libyan decline.

The 28 IEA countries decide to release 2mbd for 30 days. The FT notes that it is is only the third release since the start of the IEA in 1974. The IEA press release notes: “The normal seasonal increase in refiner demand expected for this summer will exacerbate the shortfall further. Greater tightness in the oil market threatens to undermine the fragile global economic recovery.” The US leads, contributing 50%.