Oil falls amid fears of a new closure due to Corona

Oil falls amid fears of a new closure due to Corona
Oil falls amid fears of a new closure due to Corona
This comes at a time when investors are studying the possibilities of moving the world’s major economies to withdraw from their strategic stocks of crude to calm energy prices.

Brent crude futures settled down $2.35, or 2.9 percent, at $78.89 a barrel.

West Texas Intermediate crude futures for December delivery fell $2.91, or 3.6 percent, to $76.10 a barrel upon settlement.

And the price of crude contracts for January delivery fell $2.65, or 3.4 percent, to $75.78 a barrel. The two benchmarks incurred losses for the fourth consecutive week, for the first time since March 2020.

Austria became the first country in Western Europe to completely re-impose a nationwide lockdown to combat the coronavirus this fall, with a new wave of infections across the region threatening to slow the economic recovery of recent months.

Germany, Europe’s largest economy, also said it may impose a general closure to combat COVID-19.

Brent crude has risen about 60 percent this year as economies recover from the pandemic and as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, gradually increase production.

Governments of some of the world’s largest economies are considering withdrawing strategic oil reserves at the request of the United States, in a coordinated move to cool prices.

The White House said on Friday that it should Organization of Petroleum Exporting Countries (OPEC) to meet global demand for oil with “adequate” supplies when it holds its next meeting on production policy on the second of December.

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