Oil Prices Drop Over 2% Amid Reports of Potential European Stock Release
Oil prices fell more than 2% early Friday, with Brent crude and U.S. West Texas Intermediate futures trading at $99.78 per barrel and $89.40 respectively. The decline followed reports that the EU was considering a French proposal to release diesel reserves amid pressure from the Trump administration. The plan reportedly involves releasing 50 million barrels of diesel from EU nations and 50 million barrels of crude oil from International Energy Agency members, though it remains unverified by CNBC at this time. The potential move aims to address global supply shortages but has not yet been confirmed or implemented.
