Oil Stabilizes as IEA Moves to Speed Up Emergency Stock Releases

Oil prices fluctuated on Wednesday before settling lower. The International Energy Agency (IEA) decided to accelerate the release of oil stocks and prioritize diesel to tackle record-high fuel prices, driven by the Iran crisis.

The Brent crude futures settled down 38 cents, or 0.4%, at $108.73 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 47 cents, or 0.5%, to $105.69.