The 'oil' flavor of the head when the COVID-19 case goes back.
Crude oil prices fell to the lowest level of 7 weeks on Monday's concern over the supply of surplus after Japan stated that it would issue its oil reserves and the possibility of excess demand due to the severe COVID-19 situation in Europe.
Brent oil prices dropped 57 cents or 0.72% at $ 78.32 a barrel and U.S West Texas Intermediate (WTI) crude futures fell 39 cents or 0.51% at $ 75.55 per barrel. This witnessed both fell to the lowest level since October 1.
The string, Japanese Prime Minister Fumio Kishida, signaled Saturday where he was prepared to assist in overcoming the rise in oil prices as a result of US requests to issue its oil reserves.
However, in Japan, its law only allows the reserves to be used in the event of a shortage of supply or natural disasters.
The White House on Friday has urged the OPEC producer group to maintain sufficient global supply a day after the US holds discussions with some of the economic powers on the potential of oil production from stacking reserves to stabilize high energy prices.
In the meantime, increasing concerns over the COVID-19 restrictions to be implemented can affect demand.
Germany has warned on Friday to implement full lockdown after Austria informed the stringent steps to address the increase in COVID-19 infection.
Investors also saw developments in the Middle East after the Saudi government's media reported the detection of danger signs that might happen to global cruises and trade in the southern sea as there was a movement led by Saudi Arabia to combat Iranian-supported Houthi Pakatan in Yemen.
