Brent oil price drops below $100

Brent oil price drops below $100

Oil prices dropped below $100 a barrel after the International Energy Agency co-ordinated a second release from its emergency stockpile that will add 60 million barrels of crude to the market in addition to the millions of barrels released by the US from its crude reserves to ease tight global supplies.

Brent, the global benchmark for two thirds of the world's oil, was trading 0.66 per cent lower at 99.92 per barrel at 8.45am UAE time on Friday for the first time since mid-March.

West Texas Intermediate (WTI) was 0.43 per cent weaker at $95.62 a barrel. By 11.29am, Brent edged back up, gaining 0.42 per cent to $101.1 and WTI increased 0.52 per cent to $96.53.

The IEA's stockpile release includes 120 million barrels of oil, half from the US and half from other members. This is in addition to the US releasing 120 million barrels from its Strategic Petroleum Reserve, which brings the total to 240 million barrels worldwide.

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