Oil prices extend losses after reports of potential European diesel, crude stock release

Oil prices were sharply lower on Friday morning, extending losses from earlier in the session, following reports of a potential European move to release diesel and crude stocks to ease a global supply shortage International benchmark Brent crude futures with December expiry traded 2.5% lower at $99.51 per barrel, while U.S. West Texas Intermediate futures with November expiry fell 3.6% to $89.47. It comes shortly after Reuters reported that European Union member states were discussing a French proposal to release additional diesel reserves following pressure from the Trump administration .