Crude oil futures came under pressure for a second day on Wednesday, amid mounting speculation Western nations were considering the release of strategic oil reserves, while growing supplies in the U.S. and receding concern over a disruption to Iranian oil exports further weighed.
On the New York Mercantile Exchange, light sweet crude futures for delivery in May traded at USD106.38 a barrel during European morning trade, dropping 0.89%.
It earlier fell by as much as 0.95% to trade at a two-day low of USD106.34 a barrel.
Crude prices extended losses from the previous session after France’s Le Monde newspaper said that French President Nicolas Sarkozy was for the release of emergency oil stocks.
The report added that France was in contact with the U.S. and the U.K. over possibly releasing oil reserves to control rising prices.
On the New York Mercantile Exchange, light sweet crude futures for delivery in May traded at USD106.38 a barrel during European morning trade, dropping 0.89%.
It earlier fell by as much as 0.95% to trade at a two-day low of USD106.34 a barrel.
Crude prices extended losses from the previous session after France’s Le Monde newspaper said that French President Nicolas Sarkozy was for the release of emergency oil stocks.
The report added that France was in contact with the U.S. and the U.K. over possibly releasing oil reserves to control rising prices.
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