Oil Near Session Midpoint

Crude oil has continued to slide since last week, when the IEA announced it would be releasing 60 million barrels of oil from the world's stockpiles to ease the pain at the pump. At last check, a barrel off oil was 75 cents cheaper to $90.14. It looks as if $85 will be the next technical target should $90 break. Last week, in a coordinated effort, the IEA announced it would be releasing 60 million barrels of oil to curb prices, as high oil prices are cutting into demand, and thus weakening global economies. North America is releasing 30 millions from the U.S.'s Strategic Petroleum Reserve, in what some are calling "QE3," as lower oil prices are likely to have a stimulative effect on the economy in the long term. Benzinga recommends you look at the United States Oil Fund USO.