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China reserve bureau working on crude oil release

China’s state reserve bureau said it is working on a release of crude oil reserves. “We are carrying out the work of releasing crude oil reserves,” a reserve bureau spokeswoman noted.

Earlier this month, Beijing said it would tap its state fuel reserves to tame the soaring diesel and petrol prices. Benchmark Brent oil prices have surged as much as 69% this year.

Markets update

Indian indices opened flat amid weak global cues. The Sensex opened at 59,968.75, down 39.58 points after shedding 314 points in the previous session. Similarly, the Nifty opened at 17,890.55, down 8.1 points.

Major Asian share indices dipped in the morning trade, following losses on Wall Street fuelled by rising inflation worries.

MSCI’s broadest index of Asian shares outside Japan dropped 0.5%. In Japan, Nikkei lost 0.80% and Topix slipped 0.52%. South Korea’s Kospi fell 0.20%. Hong Kong’s Hang Seng slid 1.37%.

In U.S., the Dow Jones Industrial Average plunged 211.17 points, or 0.58%, to 35,931.05, the S&P 500 dropped 12.23 point, or 0.26%, to 4,688.67 and the Nasdaq Composite fell 52.28 points, or 0.33%, to 15,921.57.


—-  Edited by John Xavier

(With inputs from Reuters, PTI and other news agencies.)

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