BEIJING—The Chinese regime plans its first public auction of state crude oil reserves to a select group of domestic refiners, the reserves administration announced, as Beijing looks to cool high raw material costs for manufacturers. The releases will take place in phases and are intended for integrated refining and chemical plants, the National Food and Strategic Reserves Administration said in a statement late on Thursday. The sales will “better stabilize domestic market supply and demand,” the agency said, adding that it plans to regularly release and replenish China’s oil reserves. Benchmark Brent crude oil prices are up by around 40 percent this year as demand rebounds from its coronavirus-led collapse in 2020. Brent fell 2 percent on Thursday but was trading higher on Friday. China’s international crude futures are up 50 percent this year, and up 80 percent from a year ago. In its four-sentence statement, the agency did not …