The oil release should calm the price by adding supply for about forty days. That means that right after the Grove meeting ends, supply will once again fall. The math is simple: Lybia's loss of supply is 1.5 million barrels per day, and there will be 60 million barrels used out of the world's above ground reserves. So 60/1.5 is 40 days.
I expect the market to continue to wash their recent ranges for these next forty days. Bernanke is using QE Light to again put a floor under the market, and the fresh oil supply will calm the oil market as well as the precious metal market. Precious metal supply will also increase and this will keep a lid on the price. I expect that the markets will trade here until late July.