Oil Slumps After China Taps Crude Reserves to Ease Energy Costs

China announced unprecedented release from strategic reserves
U.S. crude futures tumble to the lowest in two weeks

WATCH: China confirmed it released crude from its strategic reserve for the first time with the explicit aim of lowering prices. Stephen Engle reports. (Source: Bloomberg)

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Jessica Summers and Sheela Tobben

September 8, 2021 at 11:45 PM UTC

Updated on

September 9, 2021 at 7:19 PM UTC

This article is for subscribers only.

Oil fell by the most in nearly three weeks after China decided to tap its crude reserves to ease a surge in energy costs.

Futures declined 1.7% in New York on Thursday, following the latest step by the world’s largest importer of raw materials to quell a commodities rally. Oil prices briefly rose earlier in the session after a U.S. government report showed crude stockpiles fell as production tumbled the most on record last week due to disruptions by Hurricane Ida.