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Oil Prices Plunge: Brent Below $100 as News of Potential Supply Release Rocks Market.
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CNBC Awaaz•02-10-2026, 15:28
Oil Prices Plunge: Brent Below $100 as News of Potential Supply Release Rocks Market.
- •Thursday saw oil market concerns rise with news of the US sending a third aircraft carrier strike group and 2,000 Marines to the Middle East, fearing supply disruptions.
- •The narrative shifted Friday morning with reports of European countries discussing releasing additional diesel and crude oil from reserves.
- •Brent crude futures for December delivery fell over 4% to near $98 per barrel, while US WTI November futures dropped 4% to $89.18 per barrel.
- •A Reuters report indicates France proposed to EU members to release 50 million barrels of diesel and IEA members to release 50 million barrels of crude oil.
- •For India, lower international oil prices could bring relief in crude purchase costs, though domestic prices are also influenced by the rupee's exchange rate and other factors.
Key Questions Answered
Reports emerged that European countries are discussing a French proposal to release 50 million barrels of diesel from their reserves. Additionally, International Energy Agency member countries considered releasing 50 million barrels of crude oil, totaling 100 million barrels of potential supply relief.
Brent crude futures for December delivery dropped by 4% to trade near $98 per barrel, while US West Texas Intermediate November futures fell 4% to $89.18 per barrel.
US Treasury Secretary Scott Bassent urged European partners to quickly release reserves to help alleviate global diesel shortages, aiming to prevent the entire burden from falling solely on American workers and businesses.
