Oil Rebounds as Markets Await IEA Stocks

Reuters via CNBC:

Brent crude rebounded by more than $1 from a four-month low on Friday as traders and investors attempted to gauge the actual impact a release of emergency oil stockpiles coordinated by the International Energy Agency will have on supplies…The IEA said it would make available 60 million barrels of government-held stocks in the global market, immediately increasing world supply by some 2.5 percent for the next month, and sending prices spiraling down, with U.S. crude erasing all of the year’s gains.

Yes, please. Let’s release a 3.2 day supply of oil over 60 days. That will fix this mess.

UPDATE: CNBC has drastically changed this article since I first linked to it.