The group of 28 industrialized consumer nations said on June 23 it would release 60 million barrels of oil from strategic reserves to compensate for a loss of Libyan crude supply and dampen prices.

The unexpected IEA move will likely keep oil prices between $90 and $100 for the rest of the year, Imad Al-Atiqi, part of the OPEC member's top oil policy body, was quoted as saying by Kuwaiti newspaper Al-Seyassah on Sunday.

Kuwait's oil minister Mohammad Al-Busairi told Reuters last week that IEA's move was a short-term measure and that only OPEC could meet long term demand for oil.

Front month US crude oil has traded between $89.61 and $99.95 since breaking below $100 on June 10 on news Saudi Arabia was offering more oil to customers, a strong dollar and weak equities.

US crude prices ended June 23 at around $91 after the IEA stock announcement, down about $4.40 from previous close, and have traded below $96 since.

Crude prices hit a high for the year so far of $114.83 on May 2.