China Taps Crude Reserves to Combat High Prices Oil rose, paring a weekly decline, as investors assessed China’s confirmation that it had released crude from its strategic reserves in an unprecedented intervention in the global market. Futures in New York increased 1.5% on Friday. Beijing tapped its giant reserves “to ease the pressure of rising raw material prices,” according to an announcement from the National Food and Strategic Reserves Administration. It didn’t give further details, but people familiar with the matter said the statement referred to millions of barrels of oil that were offered to domestic refineries in July. Some analysts see the move as a precursor to ramping up purchases later to make up for depleted stockpiles. Releasing stocks “for the first time can be seen as bullish as it’s in preparation for the demand bump in 4Q,” analytics firm Oilytics said in a report. Inventories “will have […]