U.S., China and others to tap oil reserves to rein in inflation

WASHINGTON/TOKYO -- The U.S. on Tuesday announced it will release 50 million barrels of oil from the country's strategic reserve, urging China, Japan and others to make similar moves to stabilize gasoline prices amid a rally in crude oil.

Japan is expected to announce Wednesday its first-ever release from government petroleum reserves to ease the domestic supply crunch, Nikkei has learned. The auctions to sell the oil will take place by the end of the year at the earliest.