Oil prices fell by 3% amid European discussions on withdrawing from reserves.
- Oil prices fell by approximately 3% amid easing supply shortage concerns.
- Brent crude decreased to $99.48 per barrel, while WTI settled at $89.52.
- European Union discussed withdrawing 50 million barrels of diesel and crude oil.
- Barclays predicts Brent prices could reach $115 per barrel in Q4 2023.
Oil Prices Drop Amid European Discussions on Stock Withdrawals
Oil prices fell by approximately 3% today, as futures contracts for diesel in Europe dropped by more than 5%. This decline followed reports of European discussions regarding the withdrawal of additional quantities from diesel and crude oil stocks, easing supply shortage concerns.
Brent crude decreased by 2.77%, reaching $99.48 per barrel, while West Texas Intermediate crude fell by 3.61%, settling at $89.52 per barrel.
European Union countries discussed a French proposal to withdraw 50 million barrels of diesel. Additionally, the International Energy Agency received a call to withdraw 50 million barrels of crude oil to enhance supply.
Saxo Bank noted that current pressures focus on refined product supplies. Meanwhile, Barclays maintained a positive outlook on market fundamentals, predicting that Brent prices could reach $115 per barrel in the fourth quarter of the year.
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