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Rich Asplund

Crude Oil Prices Tumble as G7 Nations Release Crude and Diesel Reserves

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

November WTI crude oil (CLX26) is down -2.49 (-2.68%) today, and November RBOB gasoline (RBX26) is down -0.1257 (-3.69%).

Crude oil and gasoline prices are sharply lower today after the G7 announced it will release up to 100 million bbl of crude oil and diesel supplies from its strategic reserves. Crude losses were limited today amid a weaker dollar and as talks between the US and Iran to end the war remain deadlocked, keeping the Strait of Hormuz from fully reopening and global oil supplies tight.

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