ST: Oil steady around $91 following IEA announcement
NEW YORK (AP) — Benchmark oil held steady Friday morning as investors considered the impact of the announcement that the U.S. and other countries would release 60 million barrels of oil onto the world market.
West Texas Intermediate crude for August delivery rose 2 cents to $91.04 per barrel on the New York Mercantile Exchange. In London, Brent crude lost 73 cents at $106.53 on the ICE Futures exchange.
Analysts say investors and money managers are still sorting out their positions after Thursday's surprise announcement from the International Energy Agency. The 28-nation group plans to release 2 million barrels per day for a month to cover shortfalls in global markets caused by the cutoff of Libyan crude.
Meanwhile, gas pump prices lost another penny overnight to a new national average of $3.601 per gallon.
