Oil prices drop as Europe agrees to release diesel reserves
USO•Oil prices fell about $2 a barrel after European leaders agreed to release diesel reserves. Brent was down 1.76% at $100.50 a barrel and WTI fell 2.18% to $90.85.
1. Prices fall on diesel plan
Oil prices fell about $2 a barrel after European leaders agreed to a request from U.S. President Donald Trump to release diesel from reserves. Brent was down $1.80, or 1.76%, at $100.50 a barrel, while West Texas Intermediate fell $2.02, or 2.18%, to $90.85.
2. French proposal details
EU governments discussed a French proposal for European countries to release 50 million barrels of diesel and International Energy Agency members to release 50 million barrels of crude. Sources said Europe would release part of its diesel volumes over 20 days. It was not immediately clear whether G7 countries had agreed to the proposed release volumes.
3. Supply pressures persist
Analysts said refined-product supply was a key market stress, while crude flows from the Middle East were recovering. China halted refined-fuel exports for October, and Ukraine's president said the country had struck oil facilities in Russia's Samara and Volgograd regions. Barclays raised its fourth-quarter Brent forecast by $20 to $115 a barrel and its 2026 forecast to $100.
