US oil prices fall 4% as G7 weighs fuel action

US oil prices fell on Friday as G7 leaders held urgent talks on coordinating action to lower fuel prices.

West Texas Intermediate was down 4.0 percent at $89.15 a barrel after falling as much as five percent. Brent crude was down 2.6 percent at $99.63 after several days of trading above $100 a barrel.

The talks followed an EU statement that it would work with the International Energy Agency on releasing further stocks to global markets.