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The G7 will discuss jointly releasing emergency oil reserves, causing U.S. and Brent crude to plunge in the short term
U.S. and European oil prices plummet in the short term, with Brent crude falling below $112 per barrel and WTI below $110 per barrel, after both previously surged to nearly $120 per barrel. On the news front, the G7 will discuss jointly releasing emergency oil reserves.