Oil prices fall as G7 agrees to release 100 million barrels of reserves
International benchmark Brent crude briefly fell below $100 per barrel before stabilising around $102, while US oil prices slumped by up to five per cent.
Oil prices fell sharply on Friday after G7 members announced a coordinated release of strategic oil reserves through the International Energy Agency over a period of four months.
The group announced 100 million barrels of oil and diesel will be released, to ease supply concerns that have caused prices to skyrocket.
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