Oil price came under pressure on Monday after Japan said it is weighing decision to release oil reserves along with fresh new COVID-19 concerns in Europe led to fears of oversupply and weak demand for oil.
Japan’s premier Fumio Kishida on Saturday in an unprecedented move expressed intention to release oil reserve amid greater calls by United Sates to cool down oil price.
The White House on Friday once again pressed Organization of Petroleum Exporting Countries to increase monthly supply. The organization earlier deified U.S. request and maintained monthly output pace.
West Texas Intermediate (WTI) crude oil inched down seven week low trading at $75.93 down and Brent Crude oil inched down to $78.76.
