Oil price declined on Wednesday the 20th of October 2021, Brent crude futures dropped by 0.8% to $84.44 a barrel at 06:45 GMT.
The fall in the price of oil may be attributed to the drop in price of other commodities such as Chinese coal.
As coal prices continues to rise China has implemented strategies to curb the price of coal by ensuring constant supply through the consistent operations of coal mining activities and power supply.
Market analysts predicts that oil price may drop even further as most commodities price ease. The Chinese government have also made efforts through its reform commission to bring coal price back to equilibrium and avoid market irregularities.
The gas and coal price surge has consistently switched demand to fuel oil and diesel for consumers. Further more, data from the American Petroleum Institute Industry group rallied pressure on the oil market in turn causing an over 3 million per week increase the United States of America crude oil stock.
