European Leaders Agree to Release Diesel Reserves Amid Trump's Pressure

Oil prices dropped on Friday after European leaders agreed to release diesel reserves in response to US President Donald Trump's request. The move aims to lower fuel prices and reduce imports from the US.

Brent settled down 6 cents, or 0.06 percent, at $102.25 a barrel, while WTI finished down $1.76, or 1.90 percent, at $91.11 a barrel.

European Union countries agreed to release an additional 50 million barrels of diesel and 50 million barrels of crude oil under the proposal by France. The move is seen as a response to Trump's threat to impose a ban on US diesel exports.

Analysts said that the main stress in the energy market has shifted from crude availability to refined product supply, constrained by reduced refinery capacity and output across the Middle East and Russia.