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BackInternational oil prices closed lower on Friday as Europe agreed to release diesel reserves
International oil prices closed lower on Friday as Europe agreed to release diesel reserves
Developing
自由时报59 minutes agoBusiness2 min readChinaView original

International oil prices closed lower on Friday as Europe agreed to release diesel reserves

international oil pricesBrent crude oilWTI crude oil

Quick Look

  • International oil prices closed lower on Friday (2nd), with Brent crude oil futures falling 0.06% to US$102.25/barrel, and WTI crude oil futures falling 1.90% to US$91.11/barrel.
  • European leaders previously agreed to U.S.
  • President Trump's request to release diesel reserves and reduce fuel imports from the United States.

AI-generated summary

Why It Matters

International oil prices have recently been affected by a variety of factors, including changes in crude oil flows in the Middle East, reductions in Russian refining capacity, and the energy policy game between the United States and Europe. Trump has threatened to ban U.S. diesel exports and asked Europe to release reserves to lower prices.

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International oil prices closed lower on Friday (2nd). (AFP)

[Financial Channel/Comprehensive Report] International oil prices closed lower on Friday (2nd) after European leaders agreed to U.S. President Donald Trump’s request to release diesel reserves to lower prices and reduce fuel imports from the United States.

Brent crude oil futures fell 6 cents, or 0.06%, to close at $102.25 a barrel.

Please read on...

U.S. West Texas Intermediate (WTI) crude oil futures in New York fell $1.76, or 1.90%, to close at $91.11 a barrel.

Brent crude oil rose 0.11% this week, while WTI fell 1.6%.

A source familiar with the details of the discussions told Reuters that EU countries have agreed to a French plan to release additional diesel stocks.

Trump posted on Truth Social: "Europe just agreed to release a large amount of stockpiled diesel."

Trump has previously said he was considering banning U.S. exports of diesel.

Phil Flynn, senior analyst at Price Futures Group, said: "Europe is quite vulnerable right now. If the United States bans diesel exports, Europe will be one of the hardest hit regions."

Ole Hansen, head of commodity strategy at Saxo Bank, said: "This highlights that the main pressure on the energy market is no longer crude oil supply, but refined oil supply. With the recovery of crude oil flows in the Middle East, the crude oil supply situation has improved, but the reduction in refining capacity and production in the Middle East and Russia has led to restrictions on the supply of refined oil products."

Three sources familiar with the discussions told Reuters that EU governments took action after discussing France's proposal. The French proposal requires European countries to release 50 million barrels of diesel and members of the International Energy Agency (IEA) to release 50 million barrels of crude oil.

Two of the sources said that under this plan, Europe will release some diesel stocks within 20 days.

The Elysee Palace, the French presidential palace, said that French President Emmanuel Macron hosted a video conference of G7 leaders on Friday. However, it is unclear whether the G7 countries have agreed to the fuel release plan proposed by France.

Again Capital partner John Kilduff pointed out that there are other factors currently affecting the oil market.

Kilduff said: "The back and forth rhetoric between the United States and Iran, the midterm elections, and how much risk does this pose to the president?" He further said: "What really makes Iran willing to negotiate again is the pressure on its economy."

Barclays said in a report that although crude oil flows in the Middle East have improved, physical market fundamentals remain strong, inventories continue to decline, and crude oil cargo prices for near-term delivery also show a large premium to forward prices.

Barclays raised its fourth-quarter Brent crude oil price forecast by US$20 per barrel to US$115 per barrel, and raised its 2026 oil price forecast to US$100 per barrel.

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What to Watch

AI outlook — possibilities, not facts

  • Europe will release some diesel stocks within 20 days

    Likely · Within weeks

  • Barclays raises Q4 Brent price forecast to $115 a barrel

    Likely · Within months

  • Barclays raises 2026 oil price forecast to $100 a barrel

    Possible · Within years

Open Questions

  • Will the United States impose a diesel export ban?
  • Will Europe fully implement the 50 million barrels of diesel release plan proposed by France?
  • Have the G7 countries agreed to the fuel release plan proposed by France?
  • Will pressure from Iran prompt it to return to the negotiating table?

Related Topics

international oil prices
PeopletrumpMacronFlynnHansen
OrganizationsPrice Futures GroupSaxo BankAgain CapitalBarclays
PlacesEuropeUnited Statesfrancemiddle east
TopicsBrent crude oilWTI crude oiltrumpEuropeDiesel reservefrance
This article was originally published by 自由时报.

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