An unprecedented 400 million barrels of stockpiled oil will be released into the market by 32 countries, including Japan, the International Energy Agency said Wednesday, as the war in the Middle East threatens supply and rattles markets.
Investors remain unconvinced by the move. Brent crude broke $100 per barrel in Asian trading Thursday, up from about $90 the day before, while Tokyo¡¯s Nikkei 225 stock average was down 1.54% in the morning and the yen started testing the ?160 to the dollar level.
¡°The oil market challenges we are facing are unprecedented in scale, therefore I am very glad that IEA Member countries have responded with an emergency collective action of unprecedented size,¡± IEA Executive Director Fatih Birol said in a statement.
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