Oil settles lower
HOUSTON: Crude futures finished down after European leaders agreed to US President Donald Trump’s request to release diesel reserves to lower prices and reduce fuel imports from the US. Brent settled down 6 cents, or 0.06 percent, at USD102.25 a barrel. WTI finished down USD1.76, or 1.90 percent, at USD91.11 a barrel. For the week, Brent was up 0.11 percent with WTI 1.6 percent lower. European…
Crude oil prices slipped on Friday as European leaders agreed to release diesel reserves following a request from the US President. Brent futures dropped 6 cents, or 0.06%, to $102.25 a barrel, while WTI crude fell $1.76, or 1.90%, to $91.11 a barrel. Over the week, Brent rose 0.11%, while WTI declined 1.6%. European Union nations agreed to release additional diesel stockpiles, as per a French proposal, according to sources familiar with the discussions.
US President Donald Trump also mentioned a ban on US diesel exports on social media platform Truth Social. European governments discussed releasing 50 million barrels of diesel and 50 million barrels of crude oil by the International Energy Agency, with French President Emmanuel Macron leading a G7 videoconference on the matter.
However, it is unclear whether G7 countries agreed to the proposal. Market analysts noted that refined product supply constraints, including reduced refinery capacity and output in the Middle East and Russia, are the main stressors in the energy market. John Kilduff, a partner at Again Capital, highlighted the ongoing rhetoric between the US and Iran, as well as the impact of midterm elections on President Trump.
Analysts also considered the possibility of another oil stock release to balance the market, with Barclays raising its fourth-quarter Brent forecast to $115 a barrel. Meanwhile, Ukraine reported striking oil facilities in Russia's Samara and Volgograd regions.
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