Updating the latest on oil from Monday US time, in brief:
The talk on the oil reserve release is US President Biden is said to be preparing to announce a strategic petroleum reserve release alongside similar from other countries ( India, Japan and South Korea included)
- amount released is expected to around 35mbbl over time,
OPEC said such a release is not justified given current conditions in the market
- and would reconsider plans to add more oil production when they meet next week
On the demand side, rising coronavirus cases in Europe and associated movement-limiting restrictions weigh.
