Oil prices have fallen on the global market
Photo - M.A.N.
Oil prices fell on Wednesday following reports that the International Energy Agency had proposed drawing the largest amount of strategic oil reserves in its history, due to potential supply disruptions.
As a result, Brent crude futures fell 23 cents, or 0.26 percent, to $87.57 a barrel.
U.S. West Texas Intermediate crude also fell 37 cents, or 0.44%, to $83.08 a barrel.
The Wall Street Journal reported, citing informed officials, that the drawdown from oil reserves proposed by the International Energy Agency would exceed 182 million barrels of oil that the agency’s member states released onto the market in two batches in 2022.
Both crude oils had fallen by more than 11 percent on Tuesday, marking their biggest drop since 2022, following remarks by U.S. President Donald Trump in which he predicted the war was nearing an end.
A day earlier, the price of West Texas Intermediate crude had jumped to over $119 a barrel, the highest level since June 2022.
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