Copper $ 5.509 / lb -0.12%

Brent Crude Oil $ 68.73 / bbl -0.25%

Palladium $ 1291.5 / ozt 3.86%

Crude Oil $ 66.67 / bbl -0.09%

Natural Gas $ 3.563 / Btu 1.25%

Silver Futures $ 38.125 / ozt 0.37%

Aluminum Futures $ 2472.25 / ton -0.13%

Micro Gold Futures $ 3354.9 / ozt 0.71%

Micro Silver Futures $ 38.12 / ozt 0.20%

Platinum $ 1441 / ozt 1.87%

Gold Futures $ 3354.8 / ozt 0.73%

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The poorly timed oil release could cost taxpayers $1.5 billion

Seeking Alpha | June 28, 2011 | 3:42 am Energy

The world crude oil market has been rocked by the surprise announcement of the International Energy Agency (IEA) to release 60 million barrels of oil from member countries’ strategic petroleum reserves (SPR). The US led the effort by chipping in 50% of the planned release, while Japan, Germany, France, Spain and Italy are providing most of the rest.