Oil price goes down again

On Wednesday, oil quotations are declining on news that the administration of US President Joe Biden, considering the possibility of selling oil from the Strategic Petroleum Reserve (SPR), is trying to get the same from China, Interfax reports.

Biden in virtual talks with DPRK President Xi Jinping urged him to also sell oil from the country's reserves, the South China Morning Post reported. According to her, Beijing is open to Biden's request but has not yet assumed any obligations.

Brent January futures fell in price by $0.7 (0.85%) to $81.73 per barrel. On Tuesday, the price decreased by $0.38 (0.5%) to $ 82.43 per barrel.

WTI December futures fell in price by $0.65 (0.8%) to $80.11 per barrel. During the previous session, the contract fell by $0.12 (0.2%) and amounted to $80.76 per barrel.

According to the American Petroleum Institute (API), in the week that ended on November 12, US oil reserves increased by 655,000 barrels. A week earlier, inventories fell 2.485 million barrels. Inventories at the terminal in Cushing, where NYMEX-traded oil is stored, declined last week, and gasoline inventories also declined.

Tags: oil, USA, jet fuel, oil production, export, petroleum products, gasoline, oil reserves, economy, oil market, Biden, China

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