Oil near six-week low as China readies crude reserve release

LONDON: Oil prices slid to six-week lows on Thursday before recovering some ground, as China said it was moving to tap reserves after a Reuters report that the United States was asking large consuming nations to consider a stockpile release to lower prices.

The bid by the U.S. to cool markets, asking China to join a coordinated action for the first time, comes as inflationary pressures - partly driven by surging energy prices - start to produce a political backlash.