World’s Biggest Buyers Plans to Release Strategic Reserves of Oil

In a coordinated move initiated by U.S. earlier, some of the world’s biggest crude oil buyers said they are planning to release strategic reserves of oil in order to tame soaring oil prices, according to Reuters.

Following earlier news of China making a judgement on releasing strategic reserve, WTI inched down sharply to $77.77 per barrel and Brent inched down to $79.99 per barrel as of Thailand time 16:05 hours.