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Oil prices fall after IEA agrees to speed up oil stock releases
Brent settled at $100.2 a barrel, while WTI ended at $88.28 after the IEA signaled it could add about 100 million barrels to market and France plans a diesel release from strategic stocks.
Oil prices settled lower on Wednesday after the International Energy Agency agreed to speed up oil stock releases and prioritize diesel to help curb record-high fuel prices amid supply pressure tied to the Iran war, LiveMint Markets reported.
Brent crude futures fell 38 cents, or 0.38%, to settle at $100.20 a barrel, while US West Texas Intermediate declined $1.16, or 1.3%, to close at $88.28.
The IEA said completing previously announced releases as quickly as possible could bring about 100 million barrels to market, though some analysts and governments said that volume may not represent a new intervention. France will release 10 million barrels of diesel from its strategic stocks, according to Franceinfo radio.
Separately, the US Energy Information Administration said US crude stocks and distillate inventories fell, while gasoline stocks rose last week. John Kilduff, a partner at Again Capital, said the releases target Europe’s supply crunch and could reduce some pressure on US supplies.
Latest closeWTI crude $89.70 ▼1.6%|Brent $100.73 ▼1.5%|Gasoline (RBOB) $3.242 ▼2.1%