Japan’s Chief Cabinet Secretary Hirokazu Matsuno said on Monday, they have “no plan fixed yet for release from oil reserve.”

He added that “Japan continues to pay attention to the global energy market trends impact upon the economy.” 

Last Thursday, Matsuno said that his government “will continue to watch the effect of soaring oil prices on Japan’s economy and urge oil-producing countries to increase output.”

Market reaction

WTI is trading almost unchanged on the day around $75.50, at the time of writing.

• Oil is on the back foot in the opening sessions