Move reflects Beijing’s intention to stabilise prices, just like coal bills, analyst says
Tokyo — Oil prices dropped on Monday as China’s release of petrol and diesel reserves eased concerns over tight global supply, while investors cashed in before a November 4 meeting of major crude producers that could increase future production targets.US West Texas Intermediate crude futures slid 40c, or 0.5%, to $83.17, having risen 76c on Friday.
Money managers cut their net long US crude futures and options positions in the week to October 26, the U.S. Commodity Futures Trading Commission said on Friday. But Iraq’s state oil marketing company, Somo, said on Saturday Iraq sees no need to take any decision to increase its production capabilities beyond what has already been planned for Opec countries.
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