Crude prices continue to decline for the second session in a row this morning, Thursday, the 18th of November, with the opening of the European markets, to trade at its lowest level since the beginning of October, after it ignored the declines in US stocks yesterday, with fears of pumping more production to limit the price hikes.

Some reports came yesterday evening, Wednesday, that the US and Chinese presidents, in a virtual meeting, discussed pumping more crude by drawing from the strategic oil reserves in the two countries.

Thursday morning, the Chinese Government Reserve Office announced that it is working to release crude oil reserves to contribute to reducing global energy prices, although details were not disclosed.

Crude prices ignored the report of the US Energy Information Administration issued on Wednesday, which announced a decline in stocks by 2.1 million barrels in the last week ending on the 12th of November, compared to expectations that indicated an increase of 1 million barrels.

In details, gasoline stocks fell by about 700 thousand barrels, while stocks also declined. Distillates, which include heating fuel and diesel, are about 800,000 barrels.

After a loss of 2.6% for Brent crude and about 3% for American crude (NYMEX) when settling for yesterday’s session, the declines continue in the two crudes this morning, as Brent crude loses levels of 80 dollars a barrel and is trading at levels of 79.92 dollars per barrel, down by about 0.45%, while American crude is trading on It fell by 0.97% at levels of 77.60 dollars a barrel.