WTI crude trims losses after slipping below $75

Oil drilling rigs

Oil prices trimmed their losses on Monday, after falling to the lowest level in seven weeks early in the session, amid concerns from rising COVID-19 cases in Europe and as some countries said they were considering releasing oil reserves.

The international benchmark Brent crude was trading down 0.4% at $78.58 per barrel (bbl), at 9.00 am Makkah time.

WTI crude fell nearly 0.3% to $75.75/bbl. The US benchmark had slipped to $74.76/bbl earlier in the session.

Japanese Prime Minister Fumio Kishida indicated that he was ready to help counter soaring oil prices, after China last week agreed to withdraw from its emergency oil stockpile.

This came after a report revealed that the US had asked some countries, including India, China and Japan, to withdraw from the strategic stockpile to help ease fuel prices.

Meanwhile, investors also eyed latest updates on COVID-19 cases, as Germany warned that it may need to move to a full lockdown after Austria said it would reimpose strict measures to tackle rising infections.