Oil prices fell sharply on Friday morning, extending losses from the previous session, after reports of a potential European plan to release diesel and crude stocks to address a global shortage. Brent crude dropped 2.5% to $99.51 per barrel, while WTI fell 3.6% to $89.47. According to sources cited by Reuters, France proposed that EU nations release 50 million barrels of diesel and IEA members release 50 million barrels of crude oil, under pressure from the U.S. administration. U.S. Treasury Secretary Scott Bessent called on European partners Thursday to immediately release additional reserves to ease the burden on American farmers, truckers and businesses.
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