Oil Falls As China Releases Its Gasoline, Diesel Reserves

Oil prices fell on Monday after China said it released reserves of gasoline and diesel to boost supply, while investors unwound long positions ahead of an OPEC+ meeting on Nov. 4, Yuka Kobayashi reported for Reuters.

Photo Insert: Jinling Oil Refinery, Ganjiaxiang, China

China released reserves of the two fuels to increase market supply and support price stability in some regions, the National Food and Strategic Reserves Administration said on Sunday.

Brent crude futures dropped 20 cents, or 0.2%, to $83.52 a barrel by 0039 GMT (8:30 a.m. on Nov. 1, 2021, in Manila) after gaining 6 cents on Friday. US West Texas Intermediate (WTI) crude futures slid 37 cents, or 0.4%, to $83.20 a barrel, having risen 76 cents on Friday.

Both benchmarks fell slightly last week, marking the first weekly drop in eight weeks for Brent and the first decline in 10 weeks for WTI. "Investors are adjusting positions after the news of China's release of fuel reserves and ahead of the OPEC+ meeting," said Hiroyuki Kikukawa, general manager of research at Nissan Securities.

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