Oil dips after Al-Saba approves reserve release
The G7, led by France, withdrew up to 100 million barrels from their emergency oil and diesel reserves in an effort to reduce fuel prices, following pressure from the Trump administration aimed at calming the rising costs. This move coincided with a decline in oil prices, as Brent crude fell to $102.25 per barrel and U.S. crude to $91.11, due to expectations of additional supplies and market pressure pushing diesel prices down. The release will take place over the next four months as part of international efforts to stabilize the market and lower prices.
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