Commodities
Oil Prices Fall Amid Talks Over Diesel Reserve Releases
Oil prices fell on Friday as discussions over releasing additional diesel and crude oil reserves eased concerns about tight global energy supplies.
Brent crude dropped 2.4% to $99.88 a barrel, while US West Texas Intermediate (WTI) fell nearly 4% below $90 at $89.50 a barrel by 11:49 GMT.
The EU discussed a French proposal to release 50 million barrels of diesel and 50 million barrels of crude oil from international reserves in response to US pressure on European countries to bring more supplies to the market.
A source familiar with the discussions told Reuters that EU governments were considering releasing additional diesel reserves amid high fuel prices.