China Prepares To Release Oil From Strategic Reserve

China is preparing to release crude oil from its strategic reserve, Reuters has reported, citing the country's National Food and Strategic Reserves Administration. The news comes on the heels of reports that President Biden has asked China and other large consumers to do just that in an attempt to arrest the climb of oil prices. However, Reuters notes that the Chinese National Food and Strategic Reserves Administration declined to comment on these reports, suggesting the move may have been planned before President Xi Jinping's virtual meeting with…