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Rich Asplund

Crude Oil Prices Pressured as G7 Nations Release Strategic Reserves

Oil G7 crude oil United States Saudi Arabia IEA OPEC Iran Drone the International Energy Agency

November WTI crude oil (CLX26) closed down -1.76 (-1.90%) on Friday, and November RBOB gasoline (RBX26) closed down -0.0902 (-2.65%).

Crude oil and gasoline prices settled sharply lower on Friday after the G7 announced it will release up to 100 million bbl of crude oil and diesel supplies from its strategic reserves. Crude prices recovered from their worst level on concerns of renewed Middle East tensions when Reuters reported that Saudi Arabia plans an offensive against the Houthi militants in Yemen.

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