Oil prices falling as several countries decide to release reserves

Global oil prices are moderately falling on November 25 afternoon on the decision of some countries to release their strategic reserves, Report informs referring to the auction data.

As of 3:00 p.m. (GMT+4), January futures for Brent crude oil depreciated by 0.33% to $81.98 per barrel, and futures for WTI oil fell 0.5% to $78.

This trend is related to the fact that investors are evaluating the decision of several oil importers to release strategic reserves in order to influence prices. In particular, the US asked Japan, China, India and the UK to follow this example, and also demanded that OPEC+ increase production at a faster pace for oil prices to fall, but received no support from the cartel.

OPEC+ has warned that it will react to such an action. OPEC+ may not provide the planned increase in its oil supply by 400,000 barrels per day in December, as planned.

Cartel member countries and those outside the organization in May last year cut production by 9.7 million barrels per day due to a drop in oil demand.