Crude Oil Prices on the Decline After China Releases Fuel Reserves to Boost Domestic Supply

Crude oil prices briefly receded from their multi-year highs on Monday, after China’s government released fuel reserves in an effort to tame prices and increase its domestic supply.

US benchmark WTI futures were down nearly 0.5% on Monday morning, while Brent crude futures slid around 0.4% before paring back losses, as China’s National Food and Strategic Reserves Administration declared it boosted diesel and gasoline reserves on Sunday.

Crude prices have remained relatively tame over the past several days, ahead of OPEC’s scheduled November 4 meeting. However, as widely expected, members will likely only solidify their decision to maintain output at a previously-decided increase of 400,000 barrels per day, despite a growing global demand for energy as economies recover from the Covid-19 pandemic.

Meanwhile, at the G20 Summit on Saturday, US President Joe Biden urged major oil producing nations to boost output in an effort to aid the global pandemic recovery and reign in surging gasoline prices. Despite Washington’s efforts, though, OPEC has thus far remained reluctant to raise its production capabilities beyond the cartel’s scheduled output increases.


Information for this briefing was found via Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Goliath Resources Hits 10.60 g/t Gold Over 22.82 Metres, Highest Grade Results In Third Distinct Rock Package At Surebet Discovery

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

Recommended

ESGold Outlines $24.3 Million NPV For Tailings Reprocessing Project

First Majestic Encounters 711 g/t Silver Equivalent Over 8.0 Metres In Ongoing Exploration At Los Gatos

Related News

Has China’s Oil Demand Hit Its Peak?

As the world’s largest oil importer and a pivotal player in global energy markets, China...

Monday, December 16, 2024, 02:19:00 PM

Evergrande Fails to Make a $45.2M Interest Payment on Second Offshore Bond

Heavily-indebted Evergrande has once again failed to make an interest payment on an offshore bond,...

Thursday, September 30, 2021, 11:04:00 AM

Canada Vs. TikTok: Federal, Provincial Regulators To Launch Joint Investigation

The Privacy Commissioner of Canada announced on Thursday that Canada is opening a combined federal...

Monday, February 27, 2023, 10:32:14 AM

China’s Export Slump Continues as Domestic and International Demand Weakens

China’s export woes continued for the fourth consecutive month as both domestic and international demand...

Monday, September 11, 2023, 11:37:00 AM

China Bull Mark Mobius: “I can’t get my money out.”

Mark Mobius says he “can’t get his money out” but Chinese regulator says “there was...

Tuesday, March 7, 2023, 12:40:00 PM