China is working on a release of oil from reserves

China's National Food and Strategic Reserves Administration says it working to release some of the crude reserve

Info comes via the sharp folks over at NewsSquawk

This follows the report from late in the US afternoon:

• More on Biden raising the issue of oil reserve release with Japan and China

It looks like the jawboning is becoming action, at least from China. Oil prices are nudging towards their session lows again.