U.S. crude oil prices fell in today’s early trading, following large losses last Friday. After Japan is considering releasing oil reserves to boost prices.
Meanwhile, concerns about demand have also been heightened by the fact that the number of COVID-19 cases in Europe has skyrocketed.
WTI crude futures were down 65 cents, or 0.9%, at $75.25 a barrel.
Brent crude futures were up 24 cents, or 0.3%, at $78.71 a barrel.
Japan signaled Saturday it will counter rising oil prices after the U.S. asked to release oil from emergency reserves.
Under Japanese law, however, the use of reserves is permitted only in the event of supply shortages or natural disasters.
On the demand side, there is growing concern that enforcement of the new COVID-19 control measures could hurt demand growth. In Germany, there could be a complete lockdown. In Austria, strict measures have again been imposed to counter the rise in infections.
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Monday, November 22, 2021