Oil prices set for weekly fall on stockpile releases | Reuters

Oil prices set for weekly fall on stockpile releases | Reuters

Oil prices were stable on Friday but remained on course for a second weekly fall after countries announced plans to release crude from their strategic stocks.

Brent crude futures were down 1 cent at $100.57 a barrel by 1201 GMT. U.S. West Texas Intermediate (WTI) crude futures gained 31 cents, or 0.3%, to $96.34.

Both contracts are set to fall for a second consecutive week, with Brent on course for a 3.7% slide and WTI for a 2.9% decline.

Member nations of the International Energy Agency (IEA) will release 60 million barrels over the next six months, with the United States matching that amount as part of its 180 million barrel release announced in March. read more