Oil retreats from 25% surge as G7 weighs emergency reserve release

Bitcoin rebounded from around $65,725 to nearly $68,000 as oil pulled back from its 25% Sunday spike above $117 and market jitters eased.

Oil prices pulled back sharply early Monday after reports that Group of Seven (G7) finance ministers planned an emergency call to discuss a coordinated release of strategic crude reserves, giving markets a possible policy response to the war-driven supply shock.

The Financial Times reported that G7 finance ministers planned an emergency call to discuss a possible coordinated release of 300 million to 400 million barrels from strategic oil reserves to calm markets after the war-driven spike in crude prices. The G7 countries consist of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, with the European Union as a non-enumerated member.

On Hyperliquid, crude oil futures rose nearly 25% to as high as about $117 overnight before falling by around 14.5% to roughly $100 after the G7 reports emerged. The reversal suggested traders were quickly repricing the risk of a coordinated reserve release even as the conflict continued to threaten supply.

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