┬áChina’s first crude oil reserve auction could have an outsized impact on market sentiment, signaling the top oil importer remains committed to reining in inflation by controlling commodity prices, analysts and trading executives said. The initial sale from its strategic petroleum reserves (SPR) will be small – 7.38 million barrels, or about a half-day’s usage in China – barely registering in a global market that consumes nearly 100 million barrels every day. Even so, it demonstrates Beijing is prepared to sell off stockpiles that have previously been considered off limits, and that it intends to become more active in domestic oil markets whenever high prices threaten to undermine the economy. “With the kind of market power China has, the release has huge symbolic significance as the first […]