Japan Considers Releasing Oil From Reserve

Japan's government has confirmed it was considering a release of crude oil from its strategic reserve in a marked departure from its initial reaction to U.S. President Joe Biden's idea of a concerted release by several countries. Reuters reported that Japan had plans for a crude oil release from its strategic reserve earlier today, citing unnamed sources.

Japan's law prohibits the release of oil from the reserve except in a situation with a shortage or in a natural disaster. One source told Reuters that the government was looking for a loophole…