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

Gold Drilling Scaled to 60,000 Meters: How Big Can This Get? | Roger Rosmus – Goliath Resources

Baselode Energy To Acquire Forum Energy: The Merger Of Equals Deal

TriStar Gold: The Revised Castelo de Sonhos Prefeasibility Study

Recommended

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Related News

Poilievre, Singh Demand Public Inquiry On Chinese Interference After Johnston Report Suggests Public Hearings Instead

The leaders of the Conservative Party and the New Democratic Party are both calling for...

Wednesday, May 24, 2023, 11:49:00 AM

China’s Regulatory Crackdown of Companies Listed on Foreign Exchanges Could Cut $2 Trillion From US IPO Market

A series of new regulations regarding the public listings of Chinese companies on foreign exchanges...

Monday, July 19, 2021, 03:18:15 PM

China Unexpectedly Cuts Rates Amid Weakening Economy

China, which plays an important role in upholding the global economy, appears to be suffering...

Monday, August 15, 2022, 03:08:00 PM

Raytheon CEO Argues Against Decoupling From China: “There Is No Alternative”

Western manufacturers face the complex task of reducing risks associated with their operations in China,...

Wednesday, June 21, 2023, 11:21:00 AM

Small-Cap IPOs That Are Pump-And-Dumps Are On The Rise, Thanks To Chinese Firms

The Financial Industry Regulatory Authority Inc. (FINRA) cautions that initial public offerings (IPOs) by international...

Saturday, November 19, 2022, 11:11:00 AM