The move, led by Washington and criticized by the oil industry as an unnecessary distortion of markets, suggests a fundamental shift on the part of industrialized nations toward intervention in commodity markets as an economic policy tool.

Brent oil prices edged back up on June 24 after tumbling to a four-month closing low on Thursday, reflecting doubts that the unexpected decision by the International Energy Agency to release 60 million barrels over the next month would have a long-term impact.

Japanese Economics Minister Kaoru Yosano said the move was a warning to speculative buyers but India's Oil Minister S. Jaipal Reddy doubted the action would have an impact.

The stock release is only the third in the 37-year history of the agency that was set up as a counter weight to exporting group OPEC.

The world economy, recuperating from the 2008-2009 global financial and economic crisis, has shown signs of losing traction in recent months and the Federal Reserve acknowledged that this week by cutting its forecasts for growth in the world's biggest economy.

High commodity costs that sap consumers' spending power and squeeze manufacturers' profit margins are blamed for much of the slowdown.

Industrialized nations managed to pull their economies from the brink of depression by dishing out trillions of dollars in stimulus packages and slashing borrowing costs to record lows.

But that left rich economies from Japan to the United States with huge debt and few policy options if their economies were to weaken again.

While the release of oil was spearheaded by the United States and other developed nations, booming emerging powerhouses such as China and India are also set to benefit as they try to contain stubbornly high inflation without sacrificing too much growth.