Global oil prices declined on Monday after the G7 announced plans to release additional supplies from its strategic reserves in an effort to ease market pressures and increase global supply.
Brent crude futures fell by 35 cents, or 0.34%, to $101.90 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude dropped 62 cents, or 0.68%, to $90.49 per barrel.
The decline followed the G7’s decision to release 100 million barrels of crude oil and diesel from emergency reserves. The move is intended to increase available supplies in global markets and help reduce concerns over tight energy inventories.
Traders viewed the additional supply as a factor that could ease upward pressure on prices in the short term. The announcement comes as energy markets continue to balance supply concerns, global demand trends, and ongoing economic uncertainty.
Market participants will continue monitoring the impact of the reserve release, along with developments in global production, geopolitical events, and economic conditions that could influence oil prices in the coming weeks.
