International crude benchmarks slipped on Monday but recovered following China’s weekend statement that it would tap its state fuel reserve while national refiners ramp up output sharply to avert a diesel shortage in the world’s second-largest oil user. In a rare public statement on Sunday, China said it was releasing gasoline and diesel reserves to boost market supply and stabilise prices. The news comes after media reports in recent weeks of tight diesel supplies and queues at petrol stations in several provinces. Chinese refiners cut fuel output in the third quarter because of COVID-19 curbs and floods but diesel consumption rebounded, partly triggered by a widespread power crunch that caught the market by surprise. China has been a net exporter […]