Oil prices rose on Monday, but remained under pressure from the high incidence of corona in Europe, and the possibility of Japan resorting to withdrawing from its national reserves, which raised fears of oversupply and weak demand.
Brent crude and US West Texas Intermediate prices fell by more than one dollar in early trading, hitting their lowest levels since October 1.
Brent crude rose 31 cents, or 0.4%, to $79.20 a barrel, while US crude rose 34 cents, or 0.5%, to $76.28.
Meanwhile, the prospect of Japan’s resort to strategic oil reserves kept pressure on prices and kept Brent crude below $80.
Investors are also watching developments in the Middle East, after official Saudi media reported today that the coalition fighting the Iran-aligned Houthi movement in Yemen announced monitoring indicators of an imminent danger threatening global navigation and trade in the southern Red Sea.