Oil prices slip as G7 plans reserve release

Oil prices fell on Monday as the Group of Seven nations announced plans to release 100 million barrels of crude and diesel from emergency reserves, while Middle Eastern crude exports exceeded pre-war levels. Brent crude futures dropped by $1.20, or 1.17%, to $101.05 a barrel, while West Texas Intermediate crude declined by $1.16, or 1.27%, to $89.95 per barrel.

The G7 countries pledged to refrain from energy export restrictions, but the scale of the additional supply remains uncertain, with IEA Executive Director Fatih Birol stating that member countries had already released about two-thirds of the 400-million-barrel volume.

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