Commodities
European leaders order diesel release from reserves, oil prices drop 5%
European leaders agreed on Friday to release some diesel stockpiles, pulling oil prices down by as much as 5%.
The move comes amid concerns about rising fuel prices, which threatened to hit consumers ahead of US midterm elections.
For beginners Releasing state reserves increases market supply and can temporarily push prices down: when governments sell fuel from strategic stockpiles, it offsets shortages and eases pressure on oil quotes.