The International Energy Agency (IEA) decided not to announce a further tapping of oil from strategic reserves today after the 30-day review of the release of 60m barrels last month. However, the group noted that stocks from that action are still entering the market and stressed that it is ready to supply more oil if required to offset any increase in demand or shortfall in supply. This should help cap oil prices in the coming months, although we believe that they will fall regardless of what the IEA does.