China’s Foreign Ministry: Will release oil reserves according to its needs

Dhwani Mehta FXStreet

China's Foreign Ministry said on Wednesday that the country will release oil reserves according to its needs.

China is in close communication with oil-producing and consuming countries, the Ministry noted.

Last Thursday, China's National Food and Strategic Reserves Administration announced, "we are carrying out the work of releasing crude oil reserves. And for any details related to the release, we will put out a statement on our website.”

Read: Japan to sell a few hundred thousand kilolitres of oil from its stockpile

Market reaction

WTI was last seen trading near fresh multi-day highs of $78.90, up 0.20% on the day.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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