Oil Prices Plummet After G7 Leaders Agree to Release Up to 100 Million Barrels

Oil prices have plummeted after French President Emmanuel Macron announced that diesel and crude stocks would be released over four months, with G7 leaders confirming a release of up to 100 million barrels. US President Trump also stated that Europe had agreed to release a significant amount of diesel from its stockpiles, saying the process would begin immediately.

The move has given sellers a reason to push prices lower, with December Brent crude dropping from $100.42 to $98.72 and WTI crude oil trading near $88.64, down $4.30 or 4.63% on the day.

Technically, this break below an important recent floor at $88.72 has taken control away from buyers. Sellers will now need to keep the price below this level and extend towards the next downside targets of $87.35, $86.93, and $86.34.