G7 Reserve Release of 100 Million Barrels Pushes WTI Down 1.9% to $91.11

The G7 announced it will release up to 100 million barrels of crude oil and diesel supplies, sending oil and gasoline prices sharply lower on Friday. Europe's agreement to release diesel reserves added further pressure to fuel markets, with diesel prices falling notably on the news.

November WTI crude settled down $1.76, or 1.90%, at $91.11, while November RBOB gasoline fell $0.0902, or 2.65%. Brent crude held up far better, edging down less than 0.1% to $102.25, which kept it near a key $102.30 SuperTrend resistance level. WTI had been trading within an $88-$94 range heading into the session.

Crude oil trimmed its losses late in the session as investors sought safety ahead of the weekend, suggesting some traders viewed the selloff as overdone in the near term. Net positioning data from non-commercial accounts in Brent and WTI futures and options, current as of September 29, was also in focus as the market digested the reserve release announcement.