China to auction off oil reserves as Shell cancels some US crude exports after hurricane hit output
Oil tanks at an oil warehouse at Yangshan port in Shanghai, China. Picture: REUTERS/ALY SONG
Brent crude futures for November rose 44c, or 0.6%, to $71.89 a barrel by 3.24am GMT. US West Texas Intermediate crude futures for October was at $68.49 a barrel, up 35c, or 0.5%. Brent is headed for a second straight weekly loss. Some analysts said the announcement had likely been made to confirm the sale of reserves in July and August.
Energy Aspects analyst Liu Yuntao said the release from the reserve came as Chinese majors had to replace supplies they had bought for September and October loadings from Shell in the US Gulf of Mexico.
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