Oil prices have tumbled after a surprise move by the International Energy Agency to open its emergency reserves on the market.
Experts said the move was ‘firing a shot across the bows’ of the Arab dominated oil cartel OPEC whose actions have been keeping prices high.
The IEA said the move was about helping ease an oil shortage not prices, but it comes just weeks after the OPEC cartel failed to agree an increase in production to help ease the rising oil price.
The crude oil prices shrank by $5.72 a barrel but soon the market recovered the drop and witnessed some gain.
The future deals for crude oil in the Asian markets were made at $91.27 a barrel while the price of a barrel in London market was $106.80.
The crude oil prices have seen a drop of more than $10 in the ongoing month.
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