DEC. 27 12:38 A.M. ET Japan will end its release of oil reserves to the United States next week, a news report quoted the economy minister as saying Tuesday.
Japan has been shipping oil from its reserves under a plan brokered by the International Energy Agency to temper rising prices after Hurricane Katrina struck U.S. oil refineries.
"The impact of hurricane damage on the global oil market has been mitigated," Japan's Kyodo News quoted the Economy, Trade and Industry Minister Toshihiro Nikai as telling reporters. "Therefore, we find it appropriate to terminate Japan's oil release on Jan. 4."
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