100 million barrels of oil are coming to the market! International oil prices fell in response

International oil prices closed lower on Wednesday (7th) after volatile trading. (AFP)

[Financial Channel/Comprehensive Report] International oil prices closed lower after volatile trading on Wednesday (7th). As the Iran war squeezes global energy supplies, the International Energy Agency (IEA) agreed to speed up the release of oil inventories and prioritize the release of diesel to curb record high fuel prices.

Brent crude oil futures fell 38 cents, or 0.38%, to close at $100.20 a barrel.

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U.S. West Texas Intermediate (WTI) crude oil futures in New York fell $1.16, or 1.3%, to close at $88.28 a barrel.

The IEA said that completing the previously announced inventory release plan as soon as possible could allow about 100 million barrels of oil to enter the market; however, analysts and some governments said that this does not mean that the IEA will release an additional 100 million barrels of oil.

Franceinfo reported on Wednesday that France would release 10 million barrels of diesel from strategic stocks, citing unnamed sources.

John Kilduff, partner at Again Capital, said: "Europe is the core of this entire supply crunch. Releasing inventory can deal with this problem and also reduce demand pressure on WTI to a certain extent. This should alleviate some pressure on the U.S. supply side."

At the same time, the U.S. Energy Information Administration (EIA) said that U.S. crude oil inventories and distillate oil inventories fell last week, while gasoline inventories increased. The EIA said that crude oil inventories fell by 3.2 million barrels to 424.1 million barrels in the week ended October 2; analysts polled by Reuters originally expected inventories to increase by 1.7 million barrels.

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