The full impact of the International Energy Agency's move to release 60 million barrels of crude oil and products onto the market may not yet have been felt and could still pull futures prices lower in the coming months, analysts told Dow Jones Newswires Thursday.

After dropping sharply in the immediate aftermath of the news, oil prices have since bounced back above the levels seen before the IEA made its announcement June 23, leading many market participants to dismiss the impact of the stock release.

However, the full affect of the move could take time to be felt as the extra barrels work their way through the market. The majority of the crude oil is set to be released in the U.S. in August and is already pressuring prices in the physical market. Given time, this could feed through into futures markets, analysts said.

"The first round of downward pressure, which didn't last very long, was just about sentiment--'Wow they did this thing.' The next round could be due to the physical markets as we approach the end of peak summer crude runs," said Mike Wittner, oil market analyst at Societe Generale.

The International Energy Agency is set to update its assessment of the oil market later Thursday, just under a month after it stunned investors with the announcement of its planned stock release.

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