Oil Prices Slump as G7 Confirms 100 Million Barrel Strategic Reserve Release

Key Facts

1G7 leaders confirmed a release of up to 100 million barrels of crude and diesel stocks.

2French President Emmanuel Macron stated that the release of stocks would take place over four months.

3WTI crude fell 4.63%, breaking below the key technical support level of $88.72.

Oil prices dropped sharply following confirmation from G7 leaders of a release of up to 100 million barrels from crude and diesel stockpiles. Forexlive reported that French President Emmanuel Macron stated the withdrawal process would take place over a four-month period, a move intended to ease supply concerns and lower global energy prices.

WTI crude fell 4.63%, breaking below a key technical support level of $88.72, while December Brent crude declined from $100.42 to $98.72. According to Forexlive, the breach of these levels opens the door for further downside targets at $87.35 and $86.93, while a sustained recovery above $89.00 would be required for buyers to regain control.