Oil falls about 3% on talks over diesel, crude stock releases
European Union governments discussed releasing 50 million barrels of diesel and 50 million barrels of crude, easing supply concerns.
- Oil prices fell about 3 per cent on Friday after European Union governments discussed a French proposal to release 50 million barrels of diesel and International Energy Agency members to release 50 million barrels of crude oil.
- The proposal responds to pressure on European nations to unleash more supplies, aiming to reduce surging fuel prices and ease acute market tightness amid global energy concerns.
- Ole Hansen, head of commodity strategy at Saxo Bank, said refined product supply remains the main stress, constrained by reduced refinery capacity in Russia and the Middle East, while flows through the Middle East Gulf have picked up.
- Both benchmark contracts were poised for a weekly decline, with Brent down about 4.7 per cent and West Texas Intermediate lower by around 3.1 per cent, while European ULSD futures dropped over 5 per cent.
- The bank raised its fourth-quarter Brent forecast by $20 a barrel to $115 and lifted its 2026 forecast to $100 a barrel, while physical market fundamentals remain strong despite weekly declines.
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Oil Prices Drop Nearly 3% as Europe Considers Emergency Diesel and Crude Releases
Oil prices fell about 3% as markets reacted to discussions about releasing emergency diesel and crude stockpiles, with governments seeking to ease fuel supply pressures ... The post Oil Prices Drop Nearly 3% as Europe Considers Emergency Diesel and Crude Releases first appeared on [your]NEWS.
Oil falls about 3% on talks over diesel, crude stock releases, Money News
LONDON — Oil prices fell about three per cent and European gasoil futures dropped over five per cent on Friday (Oct 2) after reports of talks on additional diesel and crude stock releases, easing concerns over tight global energy supplies.Brent fell US$2.83 (S$3.62), or 2.77 per cent, to US$99.48 a barrel at 8.42am GMT (4.42 am SGT). West Texas Intermediate...
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Oil falls about 3% on talks over diesel, crude stock releases
LONDON, Oct 2 : Oil prices fell about 3 per cent and European gasoil futures dropped over 5 per cent on Friday after reports of talks on additional diesel and crude stock releases, easing concerns over tight global energy supplies.Brent fell $2.83, or 2.77 per cent, to $99.48 a barrel at 0842 GMT. West Texas
The WTI falls to $89.67 and Brent loses the $100 barrier while the United States presses Europe to release fuel reserves and Gulf crude flows recover levels close to those prior to the conflict.
Brent oil fell below $100, while the American WTI fell below $90
Europe would consider using part of its diesel reserves while the members of the International Energy Agency would release barrels of oil. Crude oil would return to 100 dollars.
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