Oil falls in price amid expectations of inflow from strategic reserves

Global oil prices on November 18 afternoon continue to be in the red on the preservation of expectations of an additional inflow of this crude from the strategic reserves of large countries, while the ‘bears’ cannot finally push the mark of $80 per barrel, according to trading data, Report informs citing Prime agency.

As of 3:19 p.m. (GMT+4), January futures for Brent crude oil fell by 0.3% to $80.04 per barrel. January futures for WTI oil fell 0.36% to $77.27 a barrel.

Brent crude hit $80 a barrel at the end of September for the first time since 2018, and only on November 17 fell below that level.

Warren Patterson, head of commodities strategy at ING, said that oil prices continue to decline due to growing expectations of the release of oil from US reserves.

The South China Morning Post reported that the US had asked China to release oil reserves to help tamp down international prices and that the topic came up during the Biden-Xi virtual summit late November 15.