Oil Prices Plummet on Talks Over Additional Diesel Stock Releases

Oil prices fell sharply on Friday after reports of talks over additional diesel and crude stock releases. European gasoil futures dropped by more than 5% to $1,377 a metric ton.

The Brent contract fell by $2.83 or 2.77%, to $99.48 a barrel, while the West Texas Intermediate (WTI) price dropped by $3.35 or 3.61%, to $89.52 a barrel.

EU countries are discussing a French proposal to release additional diesel stockpiles in response to US pressure on European nations to unleash more supplies and reduce surging fuel prices.