Oil prices have fallen slightly on Monday but are now hovering a little higher than Friday afternoon's level due to China having opened its gasoline and diesel reserves today, thereby easing concerns about tight global supply.

At the same time, investors are cashing in ahead of the big meeting on Nov. 4 among the Organization of Petroleum Exporting Countries and their OPEC+ allies to draft raising future output targets.

A barrel of European reference oil Brent trades Monday morning for USD 83.42 against USD 83.19 Friday afternoon.

US counterpart West Texas Intermediate sells concurrently for USD 83.14 against 82.62, with WTI falling 0.5 percent after having climbed USD 0.76 Friday afternoon, reports Reuters.

This early morning slide comes after China states in a rare state announcement that the nation is releasing fuel reserves to boost market supply and buoy prices in certain regions.

"Behind the selling was China's release of fuels reserves, which reflected Beijing's intention to stabilize oil prices, just like coal prices," says Chiyoki Chen, chief analyst at Sunward Trading, to the news agency. "Also, investors took profits ahead of an OPEC+ meeting."

All investors' eyes are namely fixed on the cartel's meeting, with observers expecting that Russia and the country's allies with the organization sticking to the their plan of adding 400,000 barres per day to supply in December.

Monday morning, one troy ounce of gold sells for USD 1,785.5 compared to USD 1,776.97 Friday afternoon.

On the industrial metals market, a tonne of cooper sells Monday morning for USD 9,548 against USD 9,494 Friday afternoon.

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