Oil settles lower after Europe agrees to tap diesel reserves
European nations have agreed to release 50 million barrels of diesel reserves following a request from US President Donald Trump to help stabilize fuel prices. The move aims to mitigate supply concerns as global energy markets grapple with reduced refinery output from Russia and the Middle East.
Why it matters
This decision reflects the ongoing volatility in global energy markets and the geopolitical influence of US-EU trade relations regarding fuel exports.
European countries will release 50 million barrels of diesel, say sources
[HOUSTON] Crude futures finished down after European leaders agreed to US President Donald Trump’s request to release diesel reserves to lower prices and reduce fuel imports from the US.
Brent settled down US$0.06, or 0.1 per cent, at US$102.25 a barrel. West Texas Intermediate (WTI) finished down US$1.76, or 1.9 per cent, at US$91.11 a barrel.
For the week, Brent was up 0.1 per cent with WTI 1.6 per cent lower.
EU countries agreed to a French proposal to release additional diesel stockpiles, a source familiar with details of the discussion told Reuters.
“Europe has just agreed to release a massive amount of their heavily stocked diesel oil,” Trump wrote in a post on Truth Social.
Previously, Trump had said he was mulling a ban on US diesel exports.
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