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Oil prices decline as global reserves released
Oil prices experienced a sharp decline this morning, Friday, due to potential moves to release inventories of diesel and crude oil in an effort to reduce the global supply shortage. Brent contracts fell by 3.1% to $99.13 per barrel, while West Texas Intermediate contracts dropped by 4% to $89.18. These declines come after reports indicating that the European Union is discussing a French proposal for member states to release 50 million barrels of diesel and 50 million barrels of crude oil, in response to pressure from the Trump administration. This is an attempt to calm the surge in diesel prices, following the US Treasury Secretary's call for European partners to accelerate the release of supplies.
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