Crude oil storage (representative image), Wikimedia Commons, public domain
The G7 has planned a release of 100 million barrels of crude and diesel from emergency inventories.
A strategic reserve is government-held emergency stock.
The release is meant to ease supply concerns.
Brent slipped below $100 a barrel on October 6.
5paisa reported the planned release.
Recovering exports from the Middle East reduced immediate supply concerns, according to 5paisa.
A planned G7 release of 100 million barrels of crude and diesel from emergency inventories also eased the supply outlook.
Tanker and Houthi-related security risks remained, according to the same report.
The Sunday Guardian described Brent as hovering near $100, with Middle East supply and Gulf tensions driving crude markets.
Indian markets rose on the day, and Business Today listed the fall in Brent below $100 as one of the factors.
The Sensex rose 685 points to close at 73,067.81 and the Nifty gained 220 points to 22,776.10.
Business Standard’s preview of the RBI’s policy meeting put crude near $107 in the backdrop, so the fall below $100 is a notable move.
The RBI’s Monetary Policy Committee announces its decision on Wednesday, October 7, and inflation stood at 4.82% in the preview.
A weak rupee and high crude prices have been part of the backdrop for the policy decision, according to Business Standard.
Petrol and diesel prices in Delhi were unchanged on October 6 at Rs 102.12 and Rs 95.20 a litre, according to Business Today and HDFC Sky.
Retail fuel prices in India do not move daily with crude, because oil marketing companies adjust them less often.
Brent is the international benchmark for crude oil, and WTI is the main US benchmark.
Brent usually trades at a premium to WTI, and the gap on October 6 was about $11 a barrel.
A strategic petroleum reserve is government-held emergency stock that can be released to ease a supply shortage.
Crude oil storage (representative image), Wikimedia Commons, public domain
