Asian nations tap oil stockpiles

TOKYO (Reuters) – Asian nations moved to release emergency oil stockpiles on Friday as part of a rare global coordinated action by consumer countries to prevent high energy prices from stunting a stuttering economic recovery.

The move, led by Washington and criticized by the oil industry as an unnecessary distortion of markets, suggests a fundamental shift on the part of industrialized nations toward intervention in commodity markets as an economic policy tool.

Brent oil prices tumbled to a four-month closing low on Thursday and after rallying early on Friday, turned and fell again.