Oil falls about 3% on talks over diesel, crude stock releases

The Express Tribune reported that oil values dropped roughly 3% on Friday, while European gasoil futures lost more than 5%. The decline followed reports that governments were discussing extra releases of diesel and crude from stockpiles, which eased worries about tight global energy supplies. Brent dropped $2.83 to $99.48 a barrel, and West Texas Intermediate fell $3.35 to $89.52.

Over the full week, Brent is set to finish about 4.7% lower, while WTI is down near 3.1%. European gasoil, a diesel price benchmark, sank to $1,377 a metric ton. According to the report, EU governments reviewed a French plan under which European countries would release 50 million barrels of diesel, and International Energy Agency members would release an equal 50 million barrels of crude.

Saxo Bank's Ole Hansen described the energy market as trading lower, led by gasoil and ULSD, and said the main strain now lies in refined fuel supply rather than crude. Barclays noted that oil flows through the Gulf are recovering, yet physical fundamentals remain firm with inventories still drawing. The bank lifted its fourth-quarter Brent forecast to $115 a barrel and its 2026 forecast to $100 a barrel.