WASHINGTON (dpa-AFX) - After plummeting early in the day, the price of crude oil has regained some ground over the course of the trading session on Friday but remains sharply lower.
Crude oil for November delivery was last seen trading at $91.70 a barrel, down $1.17 or 1.3 percent, after plunging as much as $4.81 or 5.2 percent to a low of $88.06 a barrel.
The early nosedive by crude oil came after a report from Reuters said European Union countries have discussed a French proposal to release diesel reserves in response to U.S. pressure to help cool surging fuel prices linked to the Iran war.
However, crude oil prices regained some ground after the Group of Seven nations confirmed plans to release diesel and crude reserves, potentially reflecting a 'sell the rumor, buy the news' dynamic.
A joint statement from the G7 leaders said they have agreed to release 100 million barrels of diesel and other reserves through the International Energy Agency.
The G7, which includes France, Canada, Germany, Italy, Japan, the U.K and the U.K., said the release would include a frontloaded substantial diesel release within the first 20 days.
In a post on Truth Social, U.S. President Donald Trump said, 'Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil' with the process to begin 'immediately.'
The recovery attempt by crude oil prices reflects an extension of the substantial volatility seen throughout the week.
After inching higher on Monday, crude oil prices moved sharply lower on Tuesday before showing a significant rebound on Wednesday and Thursday.
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