Oil Prices Plummet Over 2% Amid EU Talks on Diesel Stock Releases

Oil prices dropped more than 2% on Friday after reports of talks on additional diesel and crude stock releases.

Brent fell $2.57, or 2.51%, to $99.74 a barrel at 1035 GMT, while West Texas Intermediate dropped $3.53, or 3.8%, to $89.34 a barrel.

The decline comes as European Union countries discussed releasing additional diesel stockpiles in response to US pressure on European nations to unleash more supplies and help reduce surging fuel prices.

Ole Hansen, head of commodity strategy at Saxo Bank, said the whole energy complex trades lower, led by gasoil and ULSD, as EU countries discuss releasing fuel and crude stockpiles to ease acute market tightness.