Oil falls about 3% on talks over diesel, crude stock releases
European Union governments discussed releasing 50 million barrels of diesel and 50 million barrels of crude, easing supply concerns.
- European Union governments discussed a French proposal on Friday to release 50 million barrels of diesel, with International Energy Agency members also considering releasing 50 million barrels of crude oil.
- The proposal responds to pressure on European nations to unleash more supplies in an attempt to reduce surging fuel prices and ease acute market tightness amid global energy concerns.
- Ole Hansen, head of commodity strategy at Saxo Bank, said refined product supply remains the main stress, constrained by reduced refinery capacity across Russia and the Middle East.
- Both benchmark contracts posted weekly declines, with Brent down about 4.7 per cent and West Texas Intermediate lower by around 3.1 per cent; European ULSD futures fell over 5 per cent.
- The bank raised its fourth-quarter Brent forecast by $20 a barrel to $115 and lifted its 2026 forecast to $100 a barrel, while physical market fundamentals remain strong.
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26 Articles
Oil prices are falling as the market awaits the release of European diesel stocks as European countries meet today to discuss. Europe is discussing measures to tackle high fuel prices. EU prices at record high At 09:55 GMT (12:55 Greek time), the price of Brent North Sea crude for December delivery was down 2.65% to $99.60 a barrel. At the same time, the US West Texas Intermediate for November delivery was down 3.77% to $89.37/barrel. The price …
Diesel prices in Europe fell sharply, by around 7 percent, after it was reported that EU member states were considering releasing 50 million barrels of diesel from strategic reserves, the Financial Times reports. The move is under pressure from Donald Trump, who demanded that Europe release at least 100 million barrels or face a ban on US diesel exports.
Oil prices are falling sharply on Friday. North Sea Brent is down about three percent and has returned below the $100 (roughly 2,180 CZK) per barrel mark. Traders attribute the significant decline to reports of negotiations on additional release of oil and diesel reserves in Europe. As a result, the price of gas oil, which is a reference indicator for diesel prices in Europe, is also down more than five percent.
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Oil Prices Drop Nearly 3% as Europe Considers Emergency Diesel and Crude Releases
Oil prices fell about 3% as markets reacted to discussions about releasing emergency diesel and crude stockpiles, with governments seeking to ease fuel supply pressures ... The post Oil Prices Drop Nearly 3% as Europe Considers Emergency Diesel and Crude Releases first appeared on [your]NEWS.
Oil falls about 3% on talks over diesel, crude stock releases, Money News
LONDON — Oil prices fell about three per cent and European gasoil futures dropped over five per cent on Friday (Oct 2) after reports of talks on additional diesel and crude stock releases, easing concerns over tight global energy supplies.Brent fell US$2.83 (S$3.62), or 2.77 per cent, to US$99.48 a barrel at 8.42am GMT (4.42 am SGT). West Texas Intermediate...
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