Surprise oil release targets speculators

Weakened demand, ample supplies send crude prices tumbling

By John W. Schoen Senior producer

msnbc.com

updated 6/23/2011 5:51:49 PM ET

ANALYSIS

Thursday’s surprise release of 60 million barrels of crude reserves is not about keeping oil consumers well supplied. It’s about chasing oil speculators out of the market.

And it seems to be working.