The State Bureau of Food and Strategic Reserves of the People’s Republic of China first put on auction oil from national reserves to reduce raw materials for local refineries and chemical industries. This is reported by the press service of the department.
Bureau for the first time organized the exhibition of crude oil from national reserves for auction … This measure is intended mainly for domestic oil refineries and enterprises of the chemical industry to mitigate the price pressure on them, “the bureau’s reports are quoted.
Oil parties that Chinese authorities will be put up for sale, do not specify in the message.
Against this background, the cost of November Brent oil futures fell more than 1.52% to $ 71.49 per barrel. The Barrel of Texas Light Oil WTI fell by 1.15% to $ 68.5, the AZ of the Trading Data on the Intercontinental Economy ICE.