Oil prices retreat in the face of supply and demand pressures

, reports Reuters. Prices fell on Monday as rising COVID-19 cases in Europe, and a potential release of Japanese oil reserves raised concerns about both oversupply and weak demand. Brent crude was down 56 cents, or 0.7%, at $78.33 a barrel, and the US West Texas Intermediate (WTI) crude fell 54 cents, or 0.7%, to $75.40. The combined SPR release could be 100 mln to 120 mln barrels or even higher, including 45 mln to 60 mln barrels from the United States, about 30 mln barrels from China, 5 mln barrels from India, and 10 mln barrels each from Japan and South Korea, Citibank estimated.