IEA/US Government Target Oil Speculators; While the the new energy alliance between the Saudis and China acknowledges that the Age of Oil is giving way to the Age of Gas.
Thursday night's decision by the International Energy Agency (IEA) to release 60 million barrels of oil from the strategic reserves of several member nations had an immediate effect on the oil market. Brent crude futures on the ICE futures exchange were down 6.1% to $107.24. Light sweet crude futures on the New York Mercantile Exchange fell by 4.6% to $91.02.The decision caught the oil market by surprise and leads to an obvious question: who is actually in control of the oil market?Is it speculators, politicians, OPEC, or oil consumers? Or is something important happening in the world's energy markets right now?
