Oil tumbled to the lowest in nearly six weeks as investors considered the prospect of a release of crude supplies from strategic reserves. Futures in New York closed down 3% on Wednesday with both benchmarks dropping below their 50-day moving averages. President Joe Biden and his Chinese counterpart Xi Jinping discussed the merits of releasing oil from their reserves in a virtual summit Monday but didn’t make a decision, according to officials familiar with the discussions. In a letter on Wednesday, President Biden urged the Federal Trade Commission to probe possible illegal conduct in U.S. gasoline markets. “Energy markets are waiting to see what, if any, coordinated efforts with the U.S. and China happen before placing bullish bets,” said Ed Moya, senior market analyst at Oanda Corp. Crude has drifted in a range of about $7 for the last six weeks, and traders are trying to figure out the […]