Oil slumps on prospects of emergency supply releases, Europe Covid-19 surge
US crude prices dropped in early trade on Monday extending big losses on Friday, after Japan said on the weekend it was considering releasing oil reserves to help dampen prices.
At the same time, demand concerns are growing as Covid-19 cases surge in Europe.
US West Texas Intermediate (WTI) crude futures were down 65 cents, or 0.9%, at $75.25 a barrel at 2327 GMT, after sliding as low as $74.76, the weakest since Oct 1.
WTI and Brent prices slumped around 3% on Friday.
Japanese Prime Minister Fumio Kishida on Saturday signalled he was ready to help counter soaring oil prices following a request from the United States to release oil from its emergency stockpile.
