US oil price plunges 5% as G7 holds talks on easing fuel costs
U.S. oil prices dropped sharply Friday as G7 leaders held urgent talks to coordinate action on lowering fuel prices, after the EU said earlier it would work with the International Energy Agency on releasing further stocks to global markets.
West Texas Intermediate was down 4.0 percent at $89.15 a barrel, having fallen as far as five percent, while the international benchmark Brent crude was down 2.6 percent at $99.63 after several days of trading above the psychological threshold of $100 a barrel.
Source: Agence France Presse
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