Crude Falls as EU Weighs Releasing Diesel Stocks
West Texas Intermediate crude fell as European officials discussed releasing strategic diesel reserves, easing supply fears.
WTI futures dropped to around USD 91.58 a barrel. Brent crude also fell more than 3 percent in morning trade after reports that more oil is flowing through the Strait of Hormuz.
The European Union is considering releasing diesel stockpiles after the US pressed Europe to act. Diesel prices have surged, adding to transport and freight costs worldwide.
The fall in crude came even as geopolitical tensions in West Asia keep prices well above early-year levels. Brent traded near USD 100 to 102 a barrel.
US pressure on Europe follows weeks of high fuel prices. The G7 agreed separately on October 2 to release 100 million barrels of oil and refined products.
Brent had climbed to USD 103.50 at the end of September on supply fears. The G7 separately agreed to release 100 million barrels of oil and diesel over four months.
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