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Oil falls after a rare statement to China
- Time: 01/11/2021 08:55:23
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{Economic: Al Furat News} Crude oil prices fell today, Monday, after China announced the release of its reserves of oil products.
China said in a rare statement that it will release its reserves of gasoline and diesel to increase the supply in the market and achieve price stability in some areas. Analysts said that this statement was sufficient to reduce oil prices today, Monday, November 1.
It is one of a number of attempts by Beijing to cool commodity price hikes that have slashed manufacturers' profit margins.
Brent crude fell 0.12% to $83.6 per barrel and West Texas Intermediate crude by 0.3% to $83.3 per barrel, after rising on Friday, after the National Food and Strategic Reserves Administration in China announced the release of gasoline and diesel reserves, in what some market watchers described as The first statement of its kind.
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{Economic: Al Furat News} Crude oil prices fell today, Monday, after China announced the release of its reserves of oil products.
China said in a rare statement that it will release its reserves of gasoline and diesel to increase the supply in the market and achieve price stability in some areas. Analysts said that this statement was sufficient to reduce oil prices today, Monday, November 1.
It is one of a number of attempts by Beijing to cool commodity price hikes that have slashed manufacturers' profit margins.
Brent crude fell 0.12% to $83.6 per barrel and West Texas Intermediate crude by 0.3% to $83.3 per barrel, after rising on Friday, after the National Food and Strategic Reserves Administration in China announced the release of gasoline and diesel reserves, in what some market watchers described as The first statement of its kind.
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