Commodities
Oil Prices Plummet as G7 Releases Fuel Reserves Amid US Job Slowdown
Oil prices dropped sharply on Friday after G7 nations agreed to release 100 million barrels of diesel and crude oil from their reserves over four months.
The decision, which aims to ease energy market tensions and prevent export restrictions, led to a slump in US oil prices, with West Texas Intermediate falling as much as five percent at one point.
Brent North Sea Crude briefly fell below $100 per barrel, while international benchmark Brent crude dropped 1.4 percent to $100.87 per barrel.
The move was prompted by pressure from President Donald Trump to tap the EU's strategic diesel reserves or face a US ban on diesel exports.