Oil prices fell on Friday on confirmation that foreign oil reserves will be made available to the US in the wake of Hurricane Katrina.

The Paris-based International Energy Agency (IEA) said its member countries would release two million barrels a day to help ease the crisis.

All 26 IEA member countries backed the measures which will take effect for an initial period of 30 days.

US light crude fell $1.90 to $67.57 a barrel on Friday.

Full story