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Oil is down as European Covid-19 case by Investing.com


Reuters.

By Gina Lee

Investing.com – There was an oil shortage in Asia on Monday morning as Japan considered releasing supplies from its reserves. The number of COVID-19 cases in Europe is also on the rise, raising concerns about fuel demand.

11:37 PM ET (4:37 AM GMT) down 0.18% to $ 78.75 and down 0.0% to $ 75.90. Brent and WTI futures were both below the 70 mark.

A growing number of cases in Europe have seen Austria enter a complete lockdown that began on Monday.

“Germany is ready to agree on compulsory distance work. In Ireland and the Netherlands, people have already been instructed to work from home wherever possible. This comes amid the prospect of oil spills from strategic reserves in China and the United States, “ANZ analysts said in a note.

U.S. President Joe Biden has called on oil major countries, including China and Japan, to join the integrated release of oil from the Strategic Petroleum Reserve (SPR).

Japanese Prime Minister Fumio Kishida indicated on Saturday that he was ready to comply with the US request. “We are moving forward with consideration of what we can legally do to ensure that Japan coordinates with the United States and other countries concerned,” Kishida told the media.

Oil reached its highest level since October 2014 but has been volatile in the past month, with even the Petroleum Exporting Countries and its allies (OPEC +) adamant on plans to gradually increase supplies at its last meeting.

Investors are also watching reports that the fight against the Iran-backed Huthi movement in Yemen is said to have identified signs of impending danger to navigation and world trade south of the Red Sea.

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