Oil: US WTI Crude Drops 5% Amid European Stock Release Expectations

The West Texas Intermediate crude oil price dropped over 5%, reaching $88.06, amid expectations of European reserve releases ahead of a G7 meeting addressing rising fuel costs. The November WTI fell by 4.20% to $88.97, while Brent declined by 2.92% to $99.32. The decline is driven by pressure to release European diesel stocks to counteract soaring fuel prices.