Oil took a fresh knock, extending a retreat from a seven-year high in October, as China said that it’s releasing some crude from strategic reserves days after the U.S. invited it to participate in a joint sale. West Texas Intermediate declined 1% after skidding to a six-week low on Wednesday. Beijing is carrying out oil release work at the moment, a spokeswoman for the National Food and Strategic Reserves Administration said. It’s unclear whether authorities are doing so in response to the request from Washington, which came in a virtual summit earlier this week between U.S. President Joe Biden and his Chinese counterpart, Xi Jinping. Crude’s weak patch stands in contrast to the run-up in prices that peaked in October. Since then, oil has been dragged lower by speculation over the Biden administration’s moves to tackle soaring prices, coupled with a forecast from the Organization of Petroleum Exporting Countries […]