Crude oil prices: no sign of coming down - any time soon!
It is now clear that the release of SPRs, strategic petroleum reserves, is not a magic wand in reversing the steep rise in crude oil prices; the movers and shakers of the markets simply know that the release is just a drop in the ocean, just to earn a psychological victory for political reasons before the beleaguered masses. In short, without a substantial increase in supply, the strategy is just a square plug in the round hall. If analysts see this as the only strategy that the Western leaders can think of at present, the very move will lose its shine and relevance in due course, when policy makers scrambled to bang on heads, metaphorically speaking, are confined to places where there is very little room to manoeuvre. On Monday, the price of crude oil fell sharply, when the IEA, International Energy Agency, grabbed headlines with its share of release of crude oil. When the numbers sank in, however, price of crude oil started going up again; the quantity released was nowhere near