Crude oil price, news and analysis:
- Crude oil prices fall on the news that China has organized a national liberation crude oil reserves what he called “phases and batches rotatingly.”
- The aim of this step is to reduce the pressure on Chinese companies from rising commodity prices.
The price of crude oil is falling
Crude oil prices have plummeted following news that China has arranged for the release of crude oil from its national reserves, as described in the statement as “phases and batches in a rotating manner”. The aim of this step is to alleviate the pressure on domestic refineries and chemical integration companies from rising raw material prices.
US Crude Oil Price Chart, 15-Minute Schedule (September 8-9, 2021)
Source: IG (click for larger image)
Placing national crude oil on the market through open auctions will better stabilize supply and demand in the internal market and effectively ensure national energy security..
– Written by Martin Essex, analyst
Feel free to contact me on Twitter @MartinSEssex