China’s first auction of oil from its strategic reserves looks relatively paltry, but the possibility of further releases is still likely to exert a powerful influence on global crude prices. The initial sale will be for about 7.38 million barrels of crude on Sept. 24, the National Food and Strategic Reserves Administration said late Tuesday in Beijing. That’s less than what China typically imports in one day. The sale is part of an effort by Beijing to cool surging prices for raw materials and keep a lid on inflation, and there’s a chance the auctions could be ramped up to achieve these ends. The new strategy is ... (full story)