Trump-Backed Diesel Release Sends Oil Prices Tumbling

Oil prices continued their downward trend on Friday, with Brent crude falling to $99.65 per barrel and U.S. West Texas Intermediate dropping to $89.11.

The decline was attributed to an announcement by European countries to release diesel and crude reserves in response to pressure from the Trump administration.

According to a Reuters report, France had suggested EU member states discharge 50 million barrels of diesel and International Energy Agency participants discharge 50 million barrels of crude oil.

French President Emmanuel Macron announced that Europe will make available up to 100 million barrels of diesel oil over the coming four months.