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Japan will not make another crude oil release from reserves

Japanese Chief Cabinet Secretary Minoru Kihara said there are no plans for a fresh crude release despite a G7 emergency-reserve deal.

Reported · Written up by our desk · Major Pairs

Japanese Chief Cabinet Secretary Minoru Kihara said there are no plans for a further release of crude oil from national reserves because Japan has already released crude supplies, according to Reuters.

The remarks came despite a G7 agreement to release 100 million barrels of diesel and crude from emergency reserves, and there was no immediate action seen in the Japanese yen after the comments.

At press time, USD/JPY was trading 0.1% higher near 158.00, as the market weighed the oil-reserve update.

Latest closeWTI crude $91.26 ▼1.7%|USD/JPY 157.83 ▲0.2%

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