Oil prices off seven-week lows but under pressure as release of reserves eyed

SINGAPORE, Nov 22 (Reuters): Oil prices came off seven-week lows on Monday but remained under pressure after Japan said it was weighing releasing oil reserves and as the Covid-19 situation in Europe worsened, raising concerns about both oversupply and weak demand.

Brent lost 26 cents, or 0.3%, to $78.63 a barrel as of 0725 GMT and US West Texas Intermediate (WTI) crude futures were down 12 cents, or 0.2%, at $75.82 a barrel.