Oil prices closed lower on Wednesday after a volatile trading session, as markets reacted to the International Energy Agency’s decision to speed up the release of emergency oil reserves while placing greater emphasis on diesel supplies.
Brent crude futures declined by 38 cents, or 0.38 per cent, to settle at US$100.20 a barrel.
US West Texas Intermediate crude futures recorded a steeper fall, dropping US$1.16, or 1.3 per cent, to close at US$88.28 a barrel.
The decline came as the IEA moved to accelerate coordinated releases from strategic oil reserves, with diesel stocks receiving priority amid ongoing concerns over fuel availability and market stability.
