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

Japan will release from national stocks for 1st time

Crude oil storage tanks in the U.S. state of Oklahoma. Crude prices in October climbed to their highest since 2014 and continue to hover above $70 a barrel. © Reuters

TAISEI HOYAMA and TOMOHIRO EBUCHI, Nikkei staff writers

November 23, 2021 21:30 JST

Updated on November 23, 2021 23:47 JST

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.