China's petrol and diesel shipments increase, oil prices fall

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China's petrol and diesel shipments increase, oil prices fall

  1. Oil prices fell on Monday after China increased shipments of petrol and diesel from its own reserves.
  2. According to the British news agency Reuters, investors have closed long positions before the OPEC Plus meeting on November 4.
  3. The National Food and Strategic Reserve Administration said on Sunday that China had released safe reserves of petrol and diesel to boost market supply and help stabilize prices in some regions.
  4. Crude, which had gained six cents on Friday, fell 20 cents to 83 83.52 a barrel this morning.
  5. 5US West Texas crude, which rose 76 cents on Friday, fell 37 cents to 83 83.20 a barrel on Monday. Hiroyuki Kikokawa, general manager of research at Nissan Securities, said:
  6. 6All eyes are on the November 4 meeting of the Organization of Petroleum Exporting Countries, Russia and its allies, called OPEC Plus. Analysts expect to stick to their plan to increase supply by 400,000 barrels per day in December. Oil prices hit a multi-year high last week, helped by OPEC Plus' decision to maintain a gradual increase in production despite global supply concerns.


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