According to local media, China is working on releasing oil reserves, causing prices to slide.
The move, made in recent months, is unclear whether it is linked to Joe Biden's request to Xi Jinping at their summit on Monday, reported by the South China Morning Post.
The US has solicited similar initiatives with major consumer countries, such as Japan, South Korea and India to revive the economy.
"We are working on their release," said a spokesperson for China's National Food and Strategic Reserve Administration.
