IEA: could recommend release of emergency oil stocks in the event of extended US refinery outages

The International Energy Agency (IEA) said on Tuesday that disruption from Hurricane Harvey was cushioned by record crude oil & refined product inventories and that it could recommend release of emergency oil stocks in the event of extended US refinery outages.

The headlines extended some support to oil prices, with WTI crude oil quickly rebounding from session lows and now trading with gains of 0.25% around $46.65-70 zone.