Oil settles lower after Europe agrees to tap diesel reserves
USO•Crude futures finished lower after European leaders agreed to release diesel reserves following a request from U.S. President Donald Trump. Brent settled down 6 cents at $102.25 a barrel, while WTI fell $1.76 to $91.11.
1. Oil prices settle lower
Brent crude settled down 6 cents, or 0.06%, at $102.25 a barrel, while WTI finished down $1.76, or 1.90%, at $91.11. For the week, Brent rose 0.11% and WTI fell 1.6%.
2. Europe plans diesel release
European Union countries agreed to release additional diesel stockpiles after discussing a French proposal to release 50 million barrels of diesel. The proposal also called for International Energy Agency members to release 50 million barrels of crude oil; under the plan, Europe would release part of its diesel volumes over 20 days.
3. Supply concerns remain
China halted refined fuel exports for October to preserve domestic stocks, while Ukraine said it struck oil facilities in Russia's Samara and Volgograd regions. Barclays raised its fourth-quarter Brent forecast by $20 a barrel to $115 and lifted its 2026 forecast to $100 a barrel.
