Oil slips as IEA nations ready big release from reserves

Oil futures edged lower on Wednesday following a surprising rise in U.S. crude stocks and after news that large consuming nations would also release oil from reserves in conjunction with the United States to counter supply worries.

Member states of the International Energy Agency (IEA) will release 120 million barrels from strategic reserves, including 60 million from the United States, according to two sources familiar with the matter. That U.S. 60 million commitment is part of Washington’s plans to release a million barrels a day for the next six months for a rough total of 180 million barrels.