Asia's spot crude market peaks on possible oil reserve release

SINGAPORE: Asia's spot crude market has peaked after touching near two-year highs this week, as a possible release of oil reserves from top consumers globally dented sentiment and weighed on prices, trade sources said.

The administration of U.S. President Joe Biden asked big oil buyers like China, India and Japan to consider releasing crude stockpiles. China said it is working on a release of its crude reserves, while Japan and South Korea are reviewing the U.S. request.