So that went well. A month ago tomorrow, President Obama surprised world markets by persuading the International Energy Agency to release some of its oil reserves for only the third time in its 37-year history. The oil price immediately slipped back from about $113 a barrel to about $103.Hey, things could be worse. (But not much worse.) Meanwhile don't expect a reduction in the price of petrol.
Job done? Well, not really – we were back to $118 or so yesterday, when the IEA announced it would not extend the initiative, which was initially slated to last a month. If the aim of the US-led release was to bring down oil prices, it was successful for all of a fortnight.
22 July 2011
Bucking the market
In case you hadn't noticed, The Independent reports: