Oil retreated as investors weighed both the odds that the Biden administration will tap emergency reserves in a coordinated move along with nations such as China and a mixed report on U.S. stockpiles. West Texas Intermediate declined 0.7% after easing on Tuesday. President Joe Biden has been looking at the merits of drawing oil from the Strategic Petroleum Reserve to quell gasoline prices. A potential release by China was raised by the U.S. during this week’s virtual summit with President Xi Jinping, the South China Morning Post reported, citing an unidentified person. Beijing is open to the request but hasn’t committed to specific actions, it said. The industry-funded American Petroleum Institute reported nationwide crude inventories rose 655,000 barrels last week, according to people familiar with the data. However, the snapshot also showed a draw at the hub at Cushing, as well as lower gasoline holdings. Official figures come later […]