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Oil prices fall on reserve release
Oil prices sharply declined due to potential moves to release diesel and crude oil reserves in an effort to address the global supply shortage. Brent crude fell by 3.1%, reaching $99.13 per barrel, while West Texas Intermediate dropped by 4% to $89.18. These developments come amid discussions among European Union countries over a French plan to release 50 million barrels of diesel, along with an upcoming vote by the member states of the International Energy Agency to release a similar amount of oil, in response to rising diesel prices and pressure from the Trump administration to stabilize the market.
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