Oil price drops more than $3 on talks over diesel, crude stock releases
USO•Brent fell $3.06, or 3%, to $99.25 a barrel, while U.S. West Texas Intermediate dropped $3.95, or 4.25%, to $88.92. European countries discussed releasing 50 million barrels of diesel, alongside a proposed 50-million-barrel crude release by International Energy Agency members.
1. Oil prices fall
Oil prices fell more than $3 and European gasoil futures dropped about 4.3% on Friday after European countries discussed additional diesel and crude stock releases. Brent was down about 4.7% for the week and WTI about 3.7%.
2. Proposed stock releases
A French proposal discussed by EU governments called for European countries to release 50 million barrels of diesel and IEA members to release 50 million barrels of crude oil. Barclays raised its fourth-quarter Brent forecast by $20 a barrel to $115 and lifted its 2026 forecast to $100, while saying inventories continued to be drawn and prompt cargoes commanded steep premiums over forward prices.
