Oil Prices Decline Amid G7 Discussions on Reserve Releases

Brent crude futures for December maturity fell 2.6% to $99.65 per barrel, while WTI futures dropped 4% to $89.11.

The decline coincided with European discussions on a French initiative to discharge 50 million barrels of diesel and IEA crude reserves.

French President Emmanuel Macron announced that Europe will make up to 100 million barrels of diesel available over four months.