Europe Weighs Strategic Reserve Release Amid Oil Price Plunge

Oil prices plummeted on Friday as Europe edged closer to releasing strategic reserves, a move encouraged by the Trump administration. According to Oilprice, West Texas Intermediate (WTI) fell nearly 4% while Brent slipped below the $100 mark.

At 6:54 a.m. ET, WTI was trading at $89.36, down 3.78%, and Brent stood at $99.79 per barrel, down 2.46%. The decline came after reports that European governments are weighing a coordinated drawdown of emergency oil stocks.

European Energy Commissioner Dan Jorgensen said discussions were underway with all members of the International Energy Agency (IEA), not only the United States, about the right moment to release reserves. He noted that such releases had been used before and would likely be used again.