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France's finance minister: "G7 has yet to agree on strategic oil reserve release"
Minseung Kang
Summary
- France's finance minister said the G7 is ready to use strategic petroleum reserves to help stabilize the oil market.
- He added that the G7 has yet to reach an internal agreement on whether to release strategic reserves.
- After the remarks were reported, international oil prices saw a short-term uptick, with WTI and Brent trading at about $101.8 and $103.6 per barrel, respectively.
The Group of Seven (G7) has reportedly yet to reach an agreement on whether to release strategic petroleum reserves to stabilize the crude oil market.
According to BlockBeats, a cryptocurrency-focused outlet, on the 9th France's finance minister said the country is "ready to use strategic petroleum reserves to stabilize the oil market." He added that "G7 finance ministers are ready to take all necessary measures to stabilize markets."
He noted, however, that the G7 has not yet agreed internally on whether to release strategic reserves.
Shortly after the remarks were reported, international oil prices posted a brief uptick. West Texas Intermediate (WTI) traded at about $101.8 a barrel, while Brent crude was around $103.6.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
