TOKYO - Oil prices fell on Monday after China said it released reserves of gasoline and diesel to boost supply, while investors unwound long positions ahead of an OPEC+ meeting on Nov. 4.
China released reserves of the two fuels to increase market supply and support price stability in some regions, the National Food and Strategic Reserves Administration said on Sunday.
Brent crude futures dropped 20 cents, or 0.2%, to $83.52 a barrel by 0039 GMT, after gaining 6 cents on Friday.
U.S. West Texas Intermediate (WTI) crude futures slid 37 cents, or 0.4%, to $83.20 a barrel, having risen 76 cents on Friday.
Oil falls after China releases reserves of gasoline, diesel
- by: Yuka Obayashi
- 11-01-2021
- Source:
Fox Business
- 11/01/2021
Chinese Flag by Will Clayton is licensed under flickr Attribution 2.0 Generic (CC BY 2.0)
Chinese Flag by Will Clayton is licensed under flickr Attribution 2.0 Generic (CC BY 2.0)
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