OIL eased yesterday after data showed US petrol stockpiles had not drained as much as expected after Hurricane Katrina, but dealers feared the worst was yet to come.

TWENTY-SIX countries in an international energy consortium will release 60 million barrels of crude oil and petrol to relieve the energy crunch caused by Hurricane Katrina.

The US, in conjunction with other oil consuming nations, expects to release 2 million barrels a day of crude oil and petrol from US and international emergency government reserves to counter supply disruptions caused by Hurricane Katrina, administration officials said today.

The US government today decided to release oil from its petroleum reserves to help refiners affected by Hurricane Katrina.