Oil prices fell about 3% today, while European diesel futures dropped more than 5%, following reports of European discussions about drawing additional volumes of diesel and crude oil from stockpiles, easing concerns about supply shortages.
Proposal to draw diesel and crude oil from stockpiles
European Union countries discussed a French proposal to draw 50 million barrels of diesel, while the International Energy Agency was called on to draw 50 million barrels of crude oil.
Refined-product pressures and Brent outlook
Saxo Bank said pressures are currently concentrated in refined-product supplies, while Barclays maintained its positive outlook for market fundamentals.
Barclays expects Brent crude to reach $115 a barrel in the final quarter.
