U.S.-China Collaboration in Outflanking Oil Speculation?

The Hong Kong daily South China Morning Press reports that a key part of the Xi-Biden 3.5-hour video summit Nov. 15 involved a proposal from the United States that the countries cooperate in a release of their oil reserves, so as to outflank the soaring prices of crude oil amongst the spot-market speculators. Evidently, it was also discussed over the weekend between Chinese Foreign Minister Wang Yi and U.S. Secretary of State Antony Blinken.