Brent slips below $100 as G7 agrees to release oil reserves

Brent crude briefly traded below $100 a barrel as oil prices fell alongside a G7 agreement to release 100 million barrels from reserves, according to Africanews. The international oil benchmark—a reference price for crude—then stabilised around $102, moving back above the threshold it had crossed during the decline.

US oil prices also dropped, falling by as much as 5 per cent. That figure describes the largest reported decline, rather than a closing price. Together, the US move and Brent’s dip show that the fall extended across both measures of oil prices covered in the report.

The G7 agreement concerns oil reserves: supplies held in storage. Africanews reported an agreed release of 100 million barrels. The source did not specify when those barrels would be released, leaving the timing separate from the agreement itself.

For business readers, the distinction between Brent’s brief drop below $100 and its subsequent level matters. The lower figure captures a moment in the price slide; around $102 was the level at which the benchmark steadied. Neither should be confused with the percentage decline reported for US oil.

The next points to watch are the timing of the reserve release and whether Brent holds near $102 after its short-lived move below $100.