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Crude Holding Up Despite Potential Japanese Action on Prices

COMMODITIES
  • Worth noting the relative resilience in the crude price so far this morning following weekend reports that Japan is preparing to release crude oil from its strategic stockpiles as part of a joint effort with the U.S. to rein in soaring prices, according to a report by TV Asahi.
  • The Japanese government determined it can do so legally as long as it taps surplus supply. It didn't provide further details on exactly how much oil would be released.- Markets are on watch amid continued speculation that the US and China could act in a coordinated manner on crude prices - which led both Brent and WTI crude futures lower throughout last week.

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