[International Oil Prices] Fall on IEA Agreement to Release Reserves

[Financial News]  

International oil prices ended lower on the 7th (local time), halting a rebound that began late the previous day and turning weaker.
Oil prices fell as IEA member countries agreed to focus on releasing stockpiled diesel.
Brent crude, the international oil benchmark, for December delivery settled at $100.20 a barrel, down $0.38 (0.38%) from the previous session.
West Texas Intermediate, the U.S. oil benchmark, for November delivery settled at $88.28 a barrel, down $1.16 (1.30%).
IEA Executive Director Fatih Birol said in a statement that member countries had agreed to “make the release of stockpiled diesel a top priority for as long as possible, given the tight supply-demand conditions in the diesel market.”
Birol said IEA member countries had released about 325 million barrels of crude oil since March as an emergency response to the Iran war, adding that under the plan at the time, a further approximately 100 million barrels would be released.
He went on to stress that there was no cause for concern for now, as member countries’ reserves totaled 1.1 billion barrels, including at least 200 million barrels of diesel. He added that the reserves were ready to be released immediately if needed.

[email protected] Song Gyeong-jae Reporter