International oil prices fell during trading today, Monday, after rising last Friday, on the impact of rare statements by the National Administration of Food and Strategic Reserves in China.
China said in the statement that it would release its reserves of gasoline and diesel to increase market supply and stabilize prices in some areas.
Analysts commented on the Chinese statement that it was enough to bring down oil prices on Monday, November 1.
This is one of a number of attempts by Beijing to cool commodity price hikes that have slashed manufacturers' profit margins.
In terms of today's trading, the benchmark Brent crude decreased by 0.12% at the level of $83.6 per barrel, and West Texas Intermediate crude fell by 0.3% to $83.30 per barrel.
