Global oil prices directionless as G7 agrees to release up to 100 million barrels from reserves

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Summary · why it matters

Global crude oil prices moved without direction. At about 7:45 p.m. Thailand time, West Texas crude for November delivery fell 0.81 dollars, or 0.89%, to 90.30 dollars per barrel, while Brent crude for December delivery rose 0.38 dollars, or 0.37%, to 102.63 dollars per barrel. The Group of Seven leading industrial nations, the G7, reached an agreement to release diesel and crude oil onto the market to control surging fuel prices, stating in a declaration that it would release up to 100 million barrels from reserves within four months and would release large volumes of diesel in the first 20 days. The agreement came after the Trump administration pressured European allies, especially Germany and France, which hold a large share of the European Union's diesel reserves. Meanwhile, the Iran-backed Houthi group said it fired long-range missiles and drones at Saudi Aramco oil facilities in Riyadh and Qures in Saudi Arabia. Ukrainian President Volodymyr Zelensky told Reuters in an interview that he would double attacks on Russian oil refineries, and OPEC+ postponed its review of oil production quotas for members in 2027 because the war with Iran has affected plans to expand production capacity in the Middle East.

Impact on assets 3

Others▼ · 3 stocks
⛏Crude Oil WTI Futures
WTI
▼ NegativeSupplyrelevance

G7 agreement to release up to 100 million barrels of crude and diesel from reserves adds supply, pressuring WTI.

⛏Heating Oil Futures
HEATOIL
▼ NegativeSupplyrelevance

G7 plan to release large volumes of diesel in the first 20 days boosts distillate supply, pressuring heating oil.

Off-coverage companies 1

Saudi AramcoPrivate▼ Negative
Geopoliticsrelevance

Iran-backed Houthis said they fired missiles and drones at Saudi Aramco oil facilities in Riyadh and Qures.

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