'The problem is that everybody knows that this measure is temporary,' said one trading expert of the 2 percent stock increase.
releasing 50 million barrels of oil from America's Strategic Petroleum Reserve, investors saw stock prices increase by 2 percent, according to the Associated Press.
"Once it is stopped, then if demand continues to be above supply like it is right now, then you're back to square one," explained Claudio Galimberti, who currently serves as the senior vice president for oil markets at Rystad Energy. The Strategic Petroleum Reserve's oil will be available in two ways: 32 million barrels are scheduled for release over the next few months and will eventually return to the reserve, and another 18 million barrels will be part of a Congress-authorized oil sale with other countries.
The U.S. is not the only country expected to release oil from its reserves. India has announced its plans to release 5 million barrels of oil from its reserves, while Britain plans to release up to 1.5 million barrels. South Korea and Japan will participate as well, although the amount of barrels being released has not been confirmed.
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