Petrol futures prices on Friday fell more than 10 per cent as the world's industrialised countries agreed to release 60m barrels of oil and petroleum products from their emergency reserves.

The US will shoulder half of the burden, releasing 30m barrels of crude oil over the next month from the strategic petroleum reserve (SPR). European countries will make up much of the rest of the effort, releasing mainly petroleum products such as petrol, heating oil, jet fuel and diesel from their coffers. Japan, Korea and Canada are also among those contributing.