Crude prices end lower amid reports of China's plan to release oil reserves

Crude-oil futures fell nearly 2% Thursday, following reports that China plans to release some of the oil from its national reserve. That caused some confusion, and "slowed the momentum" in the market as some speculated that China may have already sold that oil into the market, said Phil Flynn, senior market analyst at The Price Futures Group. Overall, however, the Energy Information Administration's report, which showed weekly declines in crude, gasoline and distillates, is still very supportive, he said. The Bureau of Safety and Environmental Enforcement, meanwhile, reported Thursday that an estimated 76.48% of oil production and 77.25% of natural-gas production in the Gulf remains shut in following Hurricane Ida's landfall on the Gulf Coast late last month. On the New York Mercantile Exchange, West Texas Intermediate crude for October delivery fell $1.16, or 1.7%, to settle at $68.14 a barrel. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Crude prices end lower amid reports of China's plan to release oil reserves
Crude-oil futures fell nearly 2% Thursday, following reports that China plans to release some of the oil from its national reserve. That caused some confusion, and "slowed the momentum" in the market as some speculated that China may have already sold that oil into the market, said Phil Flynn, senior market analyst at The Price Futures Group. Overall, however, the Energy Information Administration's report, which showed weekly declines in crude, gasoline and distillates, is still very supportive, he said. The Bureau of Safety and Environmental Enforcement, meanwhile, reported Thursday that an estimated 76.48% of oil production and 77.25% of natural-gas production in the Gulf remains shut in following Hurricane Ida's landfall on the Gulf Coast late last month. On the New York Mercantile Exchange, West Texas Intermediate crude for October delivery fell $1.16, or 1.7%, to settle at $68.14 a barrel. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.