Oil is falling after China releases its oil reserves

China said in a statement described as a scarcity that it will release its oil reserves of gasoline and diesel to increase the supply in the domestic market and achieve price stability after the increased demand in some areas.

Followers of the Chinese affairs said that this statement was sufficient to reduce oil prices on Monday, November 1.

The move is among a number of measures China is taking to rein in soaring commodity prices that have slashed manufacturers' profit margins.

Crude oil prices
It is noteworthy that Brent crude decreased by 0.12% to $83.6 per barrel and West Texas Intermediate crude by 0.3% to $83.3 per barrel, after rising on Thursday and Friday, after the National Administration of Food and Strategic Reserves in China announced the release of gasoline and diesel reserves, in what some described as Analysts It's the first statement of its kind.