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WTI slips near $89 after G7 agrees to release emergency reserves
G7 nations plan to release 100 million barrels of crude and diesel, while an OPEC+ decision to keep November production targets steady also weighs on prices.
WTI crude extends losses for a second straight session, trading around $89.30 during Asian hours on Monday, according to FXStreet.
The decline comes after G7 countries agreed to release 100 million barrels of crude and diesel from emergency reserves, with pledges to avoid energy export restrictions following pressure from US President Donald Trump.
FXStreet also points to an OPEC+ agreement to maintain steady production targets for November, which matched market expectations that any further output adjustments would be delayed until next year.
The outlet adds that major producers continue pumping below their designated quotas, with exports running at about 60% to 80% of normal.
Latest closeWTI crude $91.26 ▼1.7%