Oil Prices Fall as China’s Efforts to Contain The Coal Crisis

Oil prices fell on Wednesday (October 20th) after the Chinese government intensified its efforts to curb the record rise in coal prices and operate coal mines at full capacity to ease the energy shortage crisis.

Prices of Chinese coal and other commodities fell in early trading, which in turn led to lower oil prices after a slight rally earlier in the day.

Brent crude futures fell 64 cents, or 0.8%, to $84.44 a barrel, giving up the rise of 75 cents in the previous session, but still near their highest levels in several years.

US West Texas Intermediate crude futures for November, which expire on Wednesday, fell 56 cents to $82.4 a barrel. December contracts fell 59 cents, or 0.7 percent, to $81.85 a barrel.