Tokyo crude futures surge despite reserve release

Crude oil prices rose sharply in Tokyo on Wednesday despite the Japanese government's decision to release some of its strategic oil reserves.

Benchmark Dubai futures for April delivery finished the day at 55,190 yen per kiloliter. That is up 6.2 percent from Monday's close. Tuesday was a national holiday in Japan.

Investors are worried that the coordinated action by major oil-consuming nations might trigger opposition from OPEC members and other producers. That could affect the balance between supply and demand as winter starts in the northern hemisphere.