Oil falls after China releases reserves of gasoline, diesel
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.
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.
All eyes are on the Nov. 4 meeting of the Organization of the Petroleum Exporting Countries, Russia and their allies, together called OPEC+, with analysts expecting them to stick to their plan to add 400,000 barrels per day of supply in December.
Oil prices rallied to multi-year highs last week, helped by the decision by OPEC+ to maintain its planned output increase rather than raising it on global supply concerns.
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