Oil Prices Recover as Markets Wait for IEA Emergency Stocks

23 June 2011 (Last Updated June 23rd, 2011 18:30)

Oil prices rebounded this morning as traders try to gauge how much supply would reach the market after the International Energy Agency announced that it would release emergency stockpiles, four months into the disruption of Libyan exports. US crude climbed 95¢ to stand at $91.97 a

Oil prices rebounded this morning as traders try to gauge how much supply would reach the market after the International Energy Agency announced that it would release emergency stockpiles, four months into the disruption of Libyan exports.

US crude climbed 95¢ to stand at $91.97 a barrel, while Brent gained 72¢ to $107.98 a barrel.

The IEA said it would supply 60 million barrels of government-held stocks in the global market, according to Reuters.