Oil price in the red after China said on Sunday it released reserves of gasoline and diesel to boost market supply in order to maintain price stability, according to National Food and Strategic Reserves Administration.
Crude oil WTI retreated by 0.49% trading at $83.19 per barrel while Brent crude oil slipped 0.31% trading at $83.46 per barrel as of Thailand time 10.31 hours, according to Oilprice.
The market price reflects investors sentiment after the news of Chinese reserve release and ahead of the OPEC+ meeting on November 4.
A section of analysts expects OPEC+ to maintain addition of 400,000 barrels per day of supply in December. However, speculations grew amid the supply shortages OPEC+ might increase supply further.
Iraq state oil marketing company, SOMO said, it sees no immediate requirement to increase production beyond what has already been maintained by OPEC+ committee.
According to a report by International Energy Agency (IEA), the oil market will be back into surplus by the second half of 2022 adding to a stable price forecast.