Brent crude remains above the psychological $100/barrel level with the aid of a slightly weaker U.S. dollar this morning. Last week Friday, the International Energy Agency (IEA) announced that its member states would contribute to another synchronized oil release to ease tight market conditions. This extended crude oil losses only a day after the U.S. declared its intentions to release 180MMbbls from its SPR.
Particulars of the IEA release are much anticipated by markets and could give bears additional impetus to weigh on crude prices. Markets have largely stayed indifferent to the IEA news until more clarity is provided. Relief from the supply side comes in the form of a truce between the UAE and the Houthi group to stop military activity on the Saudi-Yemen border.
