Statement on oil product reserves pushes crude prices lower

BEIJING: China said it was releasing gasoline and diesel reserves to boost market supply and stabilise prices in some regions, a public statement of such rarity that analysts said it was enough to push oil prices lower.

Brent crude and US West Texas Instrument crude both dropped – 0.2% and 0.4% respectively – having risen on Friday after China’s National Food and Strategic Reserves Administration disclosed the release in what some market watchers said was the first such statement in memory.