Oil prices fall due to Biden’s request

Global oil prices on November 17 morning fell amid media reports of US President Joe Biden's proposal to Chinese President Xi Jinping to further increase the oil supply in the world market at the expense of strategic reserves, according to trading data, Report informs citing Prime agency.

As of 8:45 a.m. (GMT+4), January futures for Brent crude oil fell by 0.82% to $81.75 per barrel, while the price of January futures for WTI oil decreased by 0.75% to $79.14.

According to media reports, since November 17 oil prices have been influenced by the past virtual summit, at which Biden asked to use strategic oil reserves in China.

Meanwhile, according to the American Petroleum Institute (API), over the past week, US commercial oil reserves rose by 0.7 million barrels. Now analysts are waiting for an official estimate of these reserves from the country’s Energy Department.

However, according to analysts at Commerzbank, quoted by the Wall Street Journal, Russia, Saudi Arabia and the UAE have indicated that OPEC+ will be cautious in increasing oil production, resisting the US calls for more oil.