Joint release of SPRs and Covid-19 flare-ups in Europe bring down the price of crude oil
The price of crude oil continues to fall on Friday as the news of the joint release of Strategic Petroleum Reserves, SPRs, started gathering momentum, although there is no official response in this regard from any country involved in the unprecedented move. As of 15:30 GMT, price of WTI and Brent stood at $76.56 and $79.16 respectively – a significant fall, reaching a 7-year-high mark in October; the prices fell almost by 3% The development follows the 3-and-half-hour-long virtual meeting between President Biden and his Chinese counterpart, President Xi Jinping. Although both sides refrained from publishing what was discussed during the relatively long meeting, the Chinese media was upbeat about the improvement of the ties in certain areas of the world’s top two economies. The Chinese media was confident that the current energy crunch was on top of the agenda during the meeting between the two leaders and implied that President Biden suggested the joint release of the strat