Brent Drops Below $100 as EU Weighs 100 Million-Barrel Diesel and Crude Release
Updated
Updated · CNBC · Oct 2
Brent Drops Below $100 as EU Weighs 100 Million-Barrel Diesel and Crude Release
3 articles · Updated · CNBC · Oct 2
Summary
Brent fell 2.6% to $99.65 a barrel and WTI slid 4% to $89.11 after reports that Europe and the IEA could release more fuel stocks to ease a global shortage.
France proposed EU countries release 50 million barrels of diesel and IEA members another 50 million barrels of crude, according to a Reuters report that CNBC could not independently verify.
EU ministers were holding crisis talks Friday after U.S. Treasury Secretary Scott Bessent urged Europe to make reserves available quickly, saying U.S. farmers, truckers and businesses should not bear the shortage.
The pressure reflects Europe's exposure to U.S. supply: the United States provided about half of EU diesel imports in August, while Trump has recently cooled talk of a diesel export ban.
The price drop reversed part of Thursday's gains, which had followed reports the U.S. was sending a third carrier strike group and 2,000 Marines to the Middle East.