Oil prices pressured by both supply and demand factors | Reuters

Oil prices pressured by both supply and demand factors | Reuters

Oil prices rose on Monday but remained under pressure from rising COVID-19 cases in Europe and a potential release of Japanese and Indian oil reserves, raising concerns about both oversupply and weak demand.

Prices of the Brent and U.S. West Texas Intermediate (WTI) crude benchmarks fell more than $1 in early trading, hitting their lowest levels since Oct. 1.

By 1444 GMT, Brent was up 34 cents, or 0.4%, at $79.23 a barrel while U.S. crude had gained 29 cents, or 0.4%, to $76.23.

The prospect of national lockdowns in Europe has raised concerns about economic and oil demand growth, said Tamas Varga, oil analyst at London brokerage PVM Oil Associates.