NEW YORK, Sept 16 (Reuters) It might not sound like much of a victory. The United States and other oil consuming countries release emergency stocks of oil to put a lid on prices. The result: oil prices in London rise by $1 since the program began, three months ago.
But many oil experts say the strategic releases just the thirdever by a group of consumer countries were a major success. Not only did they likely avert a further rise in oil prices during the peak U.S. driving season, but they set a precedent for consuming countries to keep bullish oil speculators in check.