Oil falls after China releases reserves of gasoline, diesel – CNBC

A view of a fuel pump at a petrol station as US oil prices hit their highest levels since 2014 due to the deepening energy crisis in global markets, in Washington, United States on October 7, 2021.Yasin Ozturk | Anadolu Agency | Getty ImagesOil 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.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, after gaining 6 cents on Friday.U.S. 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.All eyes are on the Nov. 4 meeting…
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