The Japanese Trade Ministry announced on Monday that the country is releasing oil from its national reserves in a coordinated effort with other nations to contain prices, per Bloomberg.

Key takeaways

“A government tender offered Oman crude from the strategic reserves in Shibushi for delivery between March and June.”

“The tender didn’t specify a volume, give a reason for the sale, or confirm it was part of a US-led initiative.”

This comes after Japan’s Trade Minister Koichi Hagiuda said last month that Japan would conduct the release as it replaces oil in its stockpiles. 

Market reaction

Amid quiet markets and above headlines, WTI is trading under pressure just above the $73 mark, as of writing.