Crude Oil Prices Drop as China Releases National Reserves
Crude oil price, news and analysis:
- Crude oil prices are breaking lower on news that China has organized the release of national crude oil reserves in what it called “phases and batches in a rotating manner.”
- The move is intended to reduce the pressure on Chinese businesses from rising raw material prices.
Crude Oil Prices Tumble
Crude oil prices have fallen sharply on news that China has organized the release of crude oil from its national reserves in what a statement described as “phases and batches in a rotating manner”. The move is designed to alleviate the pressures from rising raw material prices on “domestic refining and chemical integration” businesses.
US Crude Oil Price Chart, 15-Minute Timeframe (September 8-9, 2021)
Source: IG (You can click on it for a larger image)
Putting national reserve crude oil on the market through open auction sales will better stabilize domestic market supply and demand, and effectively guarantee national energy security, the statement added.
--- Written by Martin Essex, Analyst
Feel free to contact me on Twitter @MartinSEssex
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