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Oil drops on China fuel reserves release; OPEC+ meeting in view (Reuters)
Oil prices dropped on Monday as China’s release of gasoline and diesel reserves eased concerns over tight global supply, while investors cashed in ahead of a Nov. 4 meeting of major crude producers that could increase future production targets. Brent crude futures dropped 46 cents, or 0.6%, to $83.26 a barrel by 0746 GMT, after gaining 6 cents on Friday. U.S. West Texas Intermediate (WTI) crude futures slid 64 cents, or 0.8%, to $82.93, having risen 76 cents on Friday.
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