China agrees with America to withdraw from oil reserves within a month

China has agreed with America to withdraw from its crude oil reserves towards the start of the Lunar New Year.

The Chinese New Year begins on the first Tuesday in February 2022, according to the Chinese lunar calendar.

The US Energy Information Administration said US crude oil inventories fell more-than-expected last week to their lowest level since October 2018, but gasoline inventories rose due to weak demand.

Crude oil inventories fell 4.6 million barrels in the week ending January 7 to 413.3 million barrels.

Markets are raising expectations that Washington may move soon to curb prices, which are still above $ 80 a barrel.

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