Oil backtracked as investors returned their focus to China’s decision to open its strategic crude reserves, signaling it would not shy away from intervening in markets to lower domestic prices.
Futures gyrated in a $2.33-a-barrel range in New York on Thursday before resuming its decline. China, the world’s largest oil importer, announced it released oil from its strategic reserves in an effort to alleviate pressure from rising raw material prices. Prices had briefly risen after a U.S. government report showed crude stockpiles fell as production tumbled the most on record last week due to disruptions by Ida.
Read more here.