Oil settles lower after Europe agrees to tap diesel reserves
European countries will release 50 million barrels of diesel, say sources
European nations have agreed to release 50 million barrels of diesel reserves, as announced by the United States. Crude oil prices fell after the EU made this decision, in response to President Donald Trump's request. Brent crude settled at US$102.25 a barrel and West Texas Intermediate (WTI) at US$91.11 a barrel. The EU's move came after a French proposal to release additional diesel stockpiles and for International Energy Agency members to release 50 million barrels of crude oil.
EU governments acted after discussing the proposal, with French President Emmanuel Macron chairing a video conference with G7 leaders. Analysts suggest that this move highlights the main stress in the energy market is now refined product supply, due to reduced refinery capacity and output across the Middle East and Russia.
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