International oil prices fell on the 2nd (local time) following news that the Group of Seven (G7) agreed to release strategic petroleum reserves.

On the ICE Futures Exchange, Brent oil for December delivery settled down 0.06% at $102.25 per barrel.

On the New York Mercantile Exchange, West Texas Intermediate (WTI) for November delivery finished down 1.90% at $91.11 per barrel.

Oil prices on this day were influenced by the G7's agreement to release 100 million barrels of strategic diesel and crude oil over the next four months.

In a joint statement, the G7 announced, "To stabilize global energy markets, we have decided to jointly release 100 million barrels of diesel and crude oil through the International Energy Agency (IEA)."

Previously, U.S. President Donald Trump pressured Europe by threatening to ban U.S. diesel exports if it did not release strategic reserves to stabilize diesel prices.

However, the decline in oil prices was limited by reports that Saudi Arabia is planning an offensive against the Houthi rebels in Yemen, who are backed by Iran.

Reuters reported that up to 100,000 Yemeni government troops overseen by Saudi Arabia are expected to be mobilized to attack the Houthis, who control areas near the Bab el-Mandeb strait, a crucial chokepoint connecting the Red Sea and the Gulf of Aden.

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