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Premarket stocks: Oil prices are finally falling. Thank China and Joe Biden

What’s happening: West Texas Intermediate futures, the US benchmark for oil prices, and Brent futures, the global benchmark, are now trading at their lowest levels in six weeks on signals that supply constraints could begin to ease soon.

In the United States, prices fell sharply Wednesday after oil inventories at a key hub in Cushing, Oklahoma rose for the first time in weeks.

But Bjornar Tonhaugen, head of oil markets at the consultancy Rystad Energy, told me that the biggest factor driving prices right now is the expected release of strategic reserves from the United States and China.

According to the White House, US President Joe Biden and Chinese President Xi Jinping discussed the “importance of taking measures to address global energy supplies” during their virtual summit this week. That sparked chatter about a coordinated move initiated by the White House to put millions of…

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