Oil hits 7 week-low amid expectations on supply release, Europe Covid surge

Crude oil fell to seven-week lows on Monday, extending declines after the previous session's slide, on concerns about excess supply after Japan said it was weighing releasing oil reserves and over demand from a worsening COVID-19 situation in Europe.

Brent lost 57 cents, or 0.72%, to $78.32 a barrel as of 0206 GMT and U.S. West Texas Intermediate (WTI) crude futures were down 39 cents, or 0.51%, at $75.55 a barrel.

WTI and Brent prices hit their lowest since Oct. 1 earlier in the session. They slumped around 3% on Friday.

Japanese Prime Minister Fumio Kishida signalled on Saturday he was ready to