Oil dips after Sabaa approves reserve drawdown

Oil prices closed lower today, Friday, after G7 leaders agreed to release up to 100 million barrels from emergency oil and diesel reserves, aiming to ease rising fuel prices. Brent crude slightly declined to $102.25 per barrel, while U.S. crude futures fell by 1.90% to $91.11 per barrel. The French presidency of the G7 confirmed that the release will take place over the next four months, while the United States warned of the possibility of imposing a diesel export ban if Europe does not release additional supplies, potentially jeopardizing the continent's supplies. Protecting markets and supplies remains the primary goal of this decision, which came after criticism from Trump regarding the speed of a previous release.

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