Crude oil futures fall as International Energy Agency speeds up stock release

Crude oil futures gave up early gains and settled lower on Wednesday after the International Energy Agency agreed to speed up a planned release of oil stocks. Seeking Alpha Markets and BigGo Finance both report that oil prices turned lower following the decision by the agency. [1][3][5]

The International Energy Agency agreed to prioritize diesel supplies during the release due to current tightness in energy markets, according to Seeking Alpha Markets. Bloomberg reported earlier that the agency scheduled a Wednesday meeting to discuss releasing diesel and crude reserves. [1][5][6]

OilPrice.com reported that the agency discussed a 100 million-barrel oil and diesel release with the G7 group of nations. Meanwhile, EnergyNow.com reported that Canada's contribution to the promise adds little new crude to the already tight market. [2][4]

Petroleum consists of naturally occurring unprocessed crude oil as well as refined products created from chemical mixtures of hydrocarbons. Energy markets remain focused on how these coordinated reserve actions will alter global fuel availability. [1][7]