Oil Prices fall to six weeks lows, Alibaba shares drop after disappointing earnings call [Video]

Oil Prices fall to 6-weeks lows, as China set to access reserves

Oil prices hit their lowest level in the last 6-weeks, as reports confirmed that China would join the U.S. in increasing oil output.

It has been said that during their summit earlier this week, President Biden asked China’s leader Xi Jinping to join the U.S. in releasing oil reserves.

The move comes as the U.S. looks to decrease oil prices, which recently climbed to 7-year highs.

OPEC, and its allies which includes Russia, opted to keep output levels unchanged, despite calls from President’s Biden to raise production.

WTI crude fell to an intraday low of $77.49, its lowest since October 7th.

Alibaba shares drop, after disappointing earnings call

Shares in Chinese tech giant Alibaba were trading lower during Thursday's session, as the company’s Q2 earnings report disappointed.

The company, which has been impacted by China’s crackdown on technology company’s, reported that revenue for the quarter came in at 200.69 billion yuan vs. 204.93 billion yuan expected.

Although the number missed expectations, it was 29% higher than the same period a year ago.

Alibaba’s earning per share for the quarter also failed to meet expectations, coming in at 11.20 yuan vs. 12.36 yuan estimated, a 38% annual rate of decline.
 
$BABA was 10.95% lower as of writing.