Faisal Islam: Oil price spiral may be slowed but not stopped by G7 emergency move

Faisal Islam: Oil price spiral may be slowed but not stopped by G7 emergency move As the oil price spiralled to $115 (£86) a barrel at one point early this morning, word emerged of an emergency meeting of the G7 finance ministers. Reports suggested there could be a 300 million barrel release of emergency stockpiles co-ordinated by the International Energy Agency. The speculation alone was enough to temper the rise in prices a bit, but they remain much higher than Friday's close, and way above the pre-conflict levels. This can be of little surprise of course when millions of barrels of crude oi

Faisal Islam: Oil price spiral may be slowed but not stopped by G7 emergency move As the oil price spiralled to $115 (£86) a barrel at one point early this morning, word emerged of an emergency meeting of the G7 finance ministers. Reports suggested there could be a 300 million barrel release of emergency stockpiles co-ordinated by the International Energy Agency. The speculation alone was enough to temper the rise in prices a bit, but they remain much higher than Friday's close, and way above the pre-conflict levels. This can be of little surprise of course when millions of barrels of crude oi