Oil retreats as Europe agrees to draw from diesel stocks
Crude oil prices fell at Friday's settlement after European leaders approved a proposal to release additional diesel stocks. Brent crude dropped 6 cents (0.06%) to $102.25, and West Texas Intermediate fell $1.76 (1.90%) to $91.11. Weekly, Brent fell 2% and WTI 1.4%. EU countries approved a French proposal on the matter, according to Reuters.
Crude oil futures prices fell at Friday's settlement after European leaders approved a proposal to release additional diesel stocks, a step aimed at lowering prices and reducing the need to import fuel from the United States. Brent crude dropped 6 cents, or 0.06%, to settle at $102.25 per barrel, while US West Texas Intermediate crude fell $1.76, or 1.90%, to $91.11 per barrel. On a weekly basis, Brent crude fell about 2%, while WTI fell 1.4%. Reuters quoted a informed source saying that EU countries approved a French proposal to release additional diesel stocks. US President Donald Trump said in a post on Truth Social that Europe agreed to release a large amount of its diesel stocks, having previously indicated he was considering imposing a ban on US diesel exports. Phil Flynn, senior analyst at Price Futures Group, said Europe would be significantly affected if Washington imposed a ban on diesel exports. The article relies on Reuters reports and carries no clear editorial marks.