IEA oil release "changes the market pyschology" on oil.

Hedge fund bulls are reviewing their tactics, the FT reports. Lawrence Eagles, head of oil analysis at JPMorgan:“The IEA’s move limits the near-term upside to oil prices.” Javier Blas of the FT thinks the move makes sense, and likens it to a “smart bomb” usage of the IEA’s reserves (whereas before releases had been assumed to be a nuclear option only). See here for a summary of the recent history leading up to he decision.