Abhoy Sarkar's Avatar
published in Blogs
Nov 19, 2021
Oil price falls further on reports of Biden's request to release petroleum reserves

Oil price falls further on reports of Biden's request to release petroleum reserves

Oil prices extended declines following reports that U.S. President Joe Biden has asked other major world leaders to authorize the release of petroleum reserves to offset the impact of OPEC production decreases.

The current initiative also involves China -- following a virtual summit between Biden and President Xi Jinping earlier this week . The news comes amid surging gas prices in the United States and energy supply shortage in China adding to the global supply chain pressures.

WTI futures for December delivery were 45 cents lower on the session at $77.91 each while Brent crude contracts for January fell 17 cents to $80.11 per barrel.

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