Brent was down 50 cents at 100.08 dollars a barrel on Wednesday after the International Energy Agency agreed to accelerate stock releases and prioritise diesel. The agency said completing earlier releases could bring about 100 million barrels to market.
Oil prices fell on Wednesday in choppy trade after the International Energy Agency agreed to speed a release of oil stocks and prioritise diesel, Reuters reported from Houston. The move is aimed at record fuel prices as the Iran war squeezes supply.
Brent crude futures were down 50 cents, or 0.5 percent, at 100.08 dollars a barrel at 1:18 p.m. Eastern time. US West Texas Intermediate was down 1.18 dollars, or 1.32 percent, at 88.26 dollars.
The IEA said completing previously announced releases as quickly as possible could bring around 100 million barrels to market. Analysts and some governments said that figure did not necessarily represent a fresh intervention of that size, Reuters reported.
US crude inventories fell by 3.2 million barrels to 424.1 million barrels in the week ended October 2, the Energy Information Administration said, against a Reuters poll expectation of a 1.7 million-barrel rise. Distillate stocks fell and gasoline stocks rose. The price print is an intraday quote, not a settlement.