From mint · · 1m 40s
Oil Prices Drop After IEA Accelerates Stock Release
IEA's oil stock release plan lowers global oil prices amid supply concerns.
In brief
IEA's oil stock release plan lowers global oil prices amid supply concerns. Oil prices fell as the IEA agreed to speed up oil stock releases to address record-high fuel prices caused by the Iran war and Middle East conflicts. Originally reported by mint.
Oil prices settle down
Oil prices settled lower on Wednesday after the International Energy Agency agreed to accelerate oil stock releases and prioritize diesel to curb record-high fuel prices as the Iran war squeezes global supplies.
Brent crude falls 0.38%
Brent crude futures settled down 38 cents, or 0.38%, at $100.20 a barrel.
WTI crude drops 1.3%
US West Texas Intermediate crude futures settled down $1.16, or 1.3%, to $88.28.
IEA releases 100 million barrels
The IEA said completing previously announced releases as quickly as possible could bring around 100 million barrels to market, although analysts and some governments said the figure did not necessarily represent a fresh intervention of that size.
France releases 10 million barrels
France will release 10 million barrels of diesel from its strategic stocks, Franceinfo radio reported on Wednesday, citing unnamed sources.
John Kilduff on supply crunch
Europe is ground zero for this whole supply crunch ... and the releases address that and some of the heat off the need for WTI to a degree. This should reduce some of the pressure on US supplies.
US crude stocks fall
Crude inventories fell by 3.2 million barrels to 424.1 million barrels in the week ended October 2, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.7 million-barrel rise.
The big picture
Oil prices fell as the IEA agreed to speed up oil stock releases to address record-high fuel prices caused by the Iran war and Middle East conflicts.
