Oil Prices Drop as the G7 Considers Releasing Up to 400 Million Barrels

The finance ministers of the G7 will discuss the possibility of releasing oil from storage in response to the price rally resulting from the war in the Middle East, media, including the Financial Times and the Australian Financial Review, have reported, citing unnamed sources. The emergency meeting of the officials, also involving the head of the International Energy Agency, will take place later today, with plans under consideration including the amount of 300 to 400 million barrels. The volumes mentioned in the reports prompted a selloff in oil,…