IEA Releases oil reserves: Oil crashes down, Oil ETFs

This was bound to happen. They had to bring oil down one way or another.

The IEA will release 60M BBLS over coming month a rate of 2M barrels per day, for 30 days, then will reassess..

Release of crude stocks will bridge production gaps stemming from Libya crisis, 132M bbls of production have been lost due to Libya disruption.
IEA believes that the impact of the supply disruption has been worse for developing economies. 2M bpd will be available over the next month.

Please take a look at a capture off our oil tracking live site.

Disclaimer: we bought USO puts yesterday. USO is off 4-5% today.