Oil prices drop as Europe agrees to release diesel reserves
US President Donald Trump had previously said he was mulling a ban on US diesel exports.
Oil prices plummeted by $2 on October 2 as European leaders agreed to release diesel reserves in response to a request from U.S. President Donald Trump. Brent crude fell by $1.80, or 1.76%, to $100.50 a barrel, while West Texas Intermediate dropped by $2.02, or 2.18%, to $90.85 a barrel. For the week, Brent was down 2.84% and WTI was around 1.54% lower.
EU countries approved French President Emmanuel Macron's proposal to release 50 million barrels of diesel and 50 million barrels of crude oil from international energy agency members. French officials had suggested the move was necessary due to Europe's vulnerability in the energy market. Analysts noted that the main stress in the energy market now lies in refined product supply, rather than crude availability, which has been improving.
Barclays raised its fourth-quarter Brent forecast by $20 a barrel to $115, while raising its 2026 forecast to $100 a barrel. Meanwhile, Ukraine has reportedly struck oil facilities in Russia's Samara and Volgograd regions.
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