Oil – Platts reported that the UK's Petroleum Policy Intelligence said that the United States plans to release oil from its strategic stockpiles in "the coming days." Speaking for the US Department of Energy, press secretary Jen Stutsman reiterated that a decision has not been made.
Oil – The Wall Street Journal reported that oil futures gained following the announcement that the International Energy Agency is unlikely to release strategic oil reserves and news that Hurricane Isaac has shut down most oil output in the Gulf of Mexico.
Expectations of Chinese stimulus and renewed hopes that the ECB will buy bonds are keeping base metal demand strong. But oil is faltering on profit-taking even as supply remains tight.
Oil – As more countries look to tap emergency crude reserves in an attempt to quell soaring fuel prices, many are questioning the real motives behind the move.
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