Oil drops on China fuel reserves release; OPEC+ meeting in view
Oil prices dropped on Monday as China’s release of gasoline and diesel reserves eased concerns over tight global supply, while investors cashed in ahead of a Nov. 4 meeting of major crude producers that could increase future production targets.
Brent crude futures dropped 29 cents, or 0.4%, to $83.43 a barrel by 0351 GMT, after gaining 6 cents on Friday.
US West Texas Intermediate (WTI) crude futures slid 40 cents, or 0.5%, to $83.17, having risen 76 cents on Friday.
The drops came after China said in a rare official statement that it had released reserves of the two fuels to increase market supply and support price stability in some regions.
