WTI crude oil has slipped to $101.40 from a high of $103.71.

A big reason for the dip is a report from Quantum Commodity Intelligence that the IEA plans to announce a 120 million barrel release of global oil reverses.

This is a confusing headline because the US has already pledged 180 million barrels. At the time, Biden also hinted at 30-50 million barrels from other countries.

There have been previous release announcement so this one may include those or it might be on a shorter timeframe. They say the announcement could come at the bottom of the hour so watch out then. Expect the market expectations are centered around that 30-50 m range.