Crude Oil Falls to a Four-Month Low in London on IEA Release

Crude oil fell to a four-month low in London and was little changed in New York following the International Energy Agency’s announcement yesterday of the release of 60 million barrels to the market.

Futures in London tumbled 8 percent in two days on the IEA’s plan to respond to the drop in Libyan exports by the coordinated action of members. Oil also dropped as Oracle Corp. led U.S. equities lower and on concern Italian banks will be downgraded by Moody’s Investors Service, signaling the Greek debt crisis may spread to other European countries.