EUR/USD could see a sharp bounce if the IEA announces “International Petroleum Day” or some-such nonsense and does not announce a coordinated release from strategic reserves.
UPDATE: They announce they will release 60 million barrels from stocks
Is that a lot? Well it is about 2 months of the additional daily production increase the Saudi’s recently announced.
UPDATE: They will release 2 mln barrels/day for 30 days.
Oil continues to slide, now at $90.70.
