Oil prices dropped roughly 3% below $ 80 a barrel on Friday as a new surge in Corona (Covid-19) cases in Europe has threatened to slow the pace of the economic recovery as investors are exploring the possibilities of moving the world’s major economies out of their strategic crude stocks to calm energy prices. .
West Texas Intermediate crude futures for December delivery fell $ 2.91, or 3.6%, to $ 76.10 a barrel. And the price of crude oil contracts for January delivery fell by $ 2.65, or 3.4%, to $ 75.78 a barrel.
The two benchmarks suffered losses for the fourth consecutive week, for the first time since March 2020.
Austria became the first Western European country to completely reset a national blockade to fight the coronavirus this fall, with a new wave of infections in the whole region that threatens to slow down the economic recovery of recent months.
Germany, Europe’s largest economy, has also said it could impose a general shutdown to fight COVID-19.
Brent crude oil increased by around 60% questyear as economies recover from the pandemic and the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC +, gradually increase production.
The governments of some of the largest economies in the world are considering withdrawing strategic oil reserves at the request of the United States in a coordinated move to cool prices.
The White House said Friday that the Organization of Petroleum Exporting Countries (OPEC) must meet global oil demand with “adequate” supplies when it holds its next production policy meeting on December 2.
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