Oil prices off 7-week lows but under pressure as release of reserves eyed | Reuters

Oil prices off 7-week lows but under pressure as release of reserves eyed | Reuters

Oil prices came off seven-week lows on Monday but remained under pressure after Japan said it was weighing releasing oil reserves and as the COVID-19 situation in Europe worsened, raising concerns about both oversupply and weak demand.

Brent lost 26 cents, or 0.3%, to $78.63 a barrel as of 0725 GMT and U.S. West Texas Intermediate (WTI) crude futures were down 12 cents, or 0.2%, at $75.82 a barrel.

The market is in a state of flux as strategic petroleum reserves (SPR) releases are not fully priced in yet, said an oil trader in Singapore.

WTI and Brent prices hit their lowest since Oct. 1 earlier in the session. They slumped around 3% on Friday, declining for the fourth straight week for the first time since March 2020.