Oil prices fell today after China released reserves of gasoline and diesel to increase supply.
China has released reserves of both fuels to increase market supply and support price stability in some regions.
- Brent crude fell 20 cents, or 0.2%, to $83.52 a barrel.
- WTI crude fell 37 cents, or 0.4%, to $83.20 a barrel.
Oil prices rose to their highest level in years last week, helped by OPEC+’s decision. It will maintain planned production increases instead of further increasing global supply.
Investors are loosening their long positions ahead of the meeting of oil-exporting countries (OPEC), Russia, and OPEC+ on November 4.
But some traders want to adjust their positions. Because there is a possibility that OPEC+ will decide to increase production. Traders may return to buying after the confirmation of the OPEC decision.
In addition, the United States is calling on key energy-producing countries in the G20 with spare capacity to boost production to ensure a stronger global economic recovery. It is part of a broader effort to put pressure on OPEC and OPEC+ to increase oil supplies.
However, Iraq does not see the need for any decisions to increase production capacity beyond the levels planned for OPEC countries.
Rising oil prices prompted U.S. energy companies to bring new oil and gas drilling rigs online in October for the 15th consecutive month.
The Spot Market is Open
Monday, November 1, 2021