Oil has fallen as European COVID-19 cases have risen for Investing.com

Author: Gina Lee

Investing.com – Oil fell in Asia on Monday morning as Japan planned to release supplies from reserves. The number of COVID-19 cases in Europe is also growing, raising concerns about fuel demand.

It fell 0.18% to $ 78.75 to 23:37 ET (4:37 AM GMT) and down 0.0% to $ 75.90. Brent and WTI futures were below $ 70.

As the number of cases in Europe is increasing, Austria will introduce a full blockade from Monday.

“Germany is ready to agree on mandatory remote work. In Ireland and the Netherlands, people have already been ordered to work from home as much as possible. It comes between the possibility of releasing oil from China and the US strategic reserves, ”ANZ analysts said in a statement.

When U.S. President Joe Biden made growing calls to release supplies from the Strategic Oil Reserve (SPR) to cool gasoline prices, he called on major oil companies, including China and Japan, to join the coordinated release of SPR oil.

Japanese Prime Minister Fumio Kishida said on Saturday that he was ready to continue the US request. “We are looking at what we can do legally considering that Japan will coordinate with the United States and other countries,” Kishida told the media.

Oil reached its highest level since October in 2014, but has been volatile over the past month, although the Organization of the Petroleum Exporting Countries and its allies (OPEC +) maintained plans to gradually increase supply at the last meeting.

The investor said he noticed signs of serious risks to navigation and world trade in the fight against the Iran-backed Houthi movement in Yemen, saying he saw signs of danger against the Iran-backed Yemeni movement south of the Red Sea.