Brent crude dropped to around $103.50 and U.S. crude fell below $90 after reports that European countries could release strategic oil reserves. The reported move follows pressure from the United States, and markets are watching for confirmation of any coordinated release and its effect on global supply.
Oil prices fell sharply, with Brent crude trading around $103.50 and U.S. crude (WTI) slipping below $90. The decline followed reports that European countries could release strategic oil reserves amid pressure from the United States.
Markets are now watching for confirmation of any coordinated reserve release. A release could increase near-term supply of crude oil and add further pressure to prices, according to the report.
Source: Coinpedia Fintech News (snippet-based)
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