Europe will release 42 million barrels in the next three months to contain rising prices

Europe plans to release 42 million barrels of oil over the next three months to combat rising fuel prices. French Economy Minister Roland Lescure announced this during an EU Energy Ministers meeting in Luxembourg. France will start by releasing 10 million barrels soon. This move aims to increase market supply as refining margins remain near record highs. However, the overall impact on financial markets may be limited due to global daily consumption nearing 105 million barrels. As of October 29, Brent crude futures were trading at $110.81, reflecting a 0.70% decrease from the previous session.