<p>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.</p>.<p>At the same time, demand concerns are growing as Covid-19 cases surge in Europe.</p>.<p>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.</p>.<p>WTI and Brent prices slumped around 3% on Friday.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/international/world-news-politics/eu-regulator-backs-merck-covid-pill-for-emergency-use-1052540.html">EU regulator backs Merck Covid pill for emergency use </a></strong></p>.<p>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.</p>.<p>However, Japanese laws only allow reserves to be tapped if there are supply constraints or natural disasters.</p>.<p>"We're proceeding with consideration as to what we can do legally on the premise that Japan will coordinate with the United States and other countries concerned," Kishida told reporters.</p>.<p>On the demand side, concerns are growing that renewed Covid-19 curbs could hit demand growth. Germany warned on Friday it may need to move to a full lockdown after Austria said it would reimpose strict measures to tackle rising infections.</p>.<p><strong>Watch the latest DH Videos here:</strong></p>
<p>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.</p>.<p>At the same time, demand concerns are growing as Covid-19 cases surge in Europe.</p>.<p>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.</p>.<p>WTI and Brent prices slumped around 3% on Friday.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/international/world-news-politics/eu-regulator-backs-merck-covid-pill-for-emergency-use-1052540.html">EU regulator backs Merck Covid pill for emergency use </a></strong></p>.<p>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.</p>.<p>However, Japanese laws only allow reserves to be tapped if there are supply constraints or natural disasters.</p>.<p>"We're proceeding with consideration as to what we can do legally on the premise that Japan will coordinate with the United States and other countries concerned," Kishida told reporters.</p>.<p>On the demand side, concerns are growing that renewed Covid-19 curbs could hit demand growth. Germany warned on Friday it may need to move to a full lockdown after Austria said it would reimpose strict measures to tackle rising infections.</p>.<p><strong>Watch the latest DH Videos here:</strong></p>