Oil price falls after China releases reserves of gasoline, diesel

[Bitter Truth]

• Kuwait, Iraq say OPEC+ should stick to increased targets
• China releases gasoline, diesel reserves to boost supply
• US pushes G20 energy producing countries to up production

Nov 1 (Reuters) - Oil prices settled higher on Monday as expectations of strong demand and a belief that a key producer group will not turn on the spigots too fast helped reverse initial losses caused by the release of fuel reserves by No. 1 world energy consumer China.

Brent crude futures settled up 99 cents, or 1.1 %, to $84.71 a barrel after hitting a session low of $83.03.

U.S. West Texas Intermediate (WTI) crude futures gained 84 cents, or 0.6%, to $84.05, having fallen to $82.74 earlier.

A Reuters poll showed that oil prices are expected to hold near $80 as the year ends, as tight supplies and higher gas bills encourage a switch to crude for use as a power generation fuel. read more

https://www.reuters.com/business/energy/oil-falls-after-china-releases-reserves-gasoline-diesel-2021-11-01/?utm_campaign=trueAnthem:+Trending+Content&utm_medium=trueAnthem&utm_source=facebook

 

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