Oil prices fall; report says EU is discussing releasing more diesel reserves.

Oil prices fell sharply in early Friday trading, extending losses from earlier in the day. This followed reports that Europe plans to release diesel and crude oil reserves to ease a global supply shortage. International benchmark Brent crude futures for December delivery fell 2.5% to $99.51 a barrel, while U.S. West Texas Intermediate crude futures for November delivery dropped 3.6% to $89.47 a barrel. Earlier reports said EU member states are discussing a French proposal to release more diesel reserves after pressure from the Trump administration. The report, citing an anonymous source familiar with the details of the discussions, said France proposed that EU countries release 50 million barrels of diesel and that International Energy Agency member states release 50 million barrels of crude oil. Spokespeople for the French government and the International Energy Agency did not immediately comment. The EU held crisis consultations on Friday to discuss a coordinated response to soaring diesel prices after U.S. Treasury Secretary Scott Bessent called on European countries to urgently release some of their own reserves. Bessent said in a social media post on Thursday that U.S. European allies "should move faster to honor existing commitments and immediately release additional supply to address the current supply disruption." He added: "American farmers, truckers, and businesses should not be left alone to bear the pressure of a global diesel shortage."