China Foreign Ministry said on Wednesday, the country will release oil reserves according to its needs.

China is in close communication with oil-producing and consuming countries, the Ministry noted.

Last Thursday, China National Food and Strategic Reserves Administration announced, "we are carrying out the work of releasing crude oil reserves. And for any details related to the release, we will put out a statement on our website.”

Read: Japan to sell a few hundred thousand kilolitres of oil from its stockpile

Market reaction

WTI was last seen trading near fresh multi-day highs of $78.90, up 0.20% on the day.