Oil is Falling on US-China

The benchmark Brent crude fell during those moments of trading today, Thursday, below the levels of 80 dollars, as it is trading at levels of 79.8 dollars, down 0.6 dollars.

The benchmark Brent crude has fluctuated between levels of $80.15 as a top and $79.6 as a bottom since trading began, and the current levels are the lowest since the beginning of last October.

The light US West Texas crude fell to levels of $ 77.6, a decline of 1%, with a loss of $ 0.77, reaching its lowest level since the beginning of October.

NYMEX crude fluctuates between levels of $77.4 as a bottom and levels of $78.44 as a top during trading today, Thursday.

China’s National Food and Strategic Reserves Administration announced that it has started withdrawing quantities of oil from its strategic reserves.

These statements come after it was reported that US President Joe Biden discussed the issue with his Chinese counterpart, Xi Jinping.