Oil records losses for the fourth consecutive week for the first time since March

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Oil prices fell about 3% below $ 80 a barrel, on Friday, as a new increase in Corona (Covid-19) cases in Europe threatened to slow the pace of economic recovery, while investors are studying the possibilities of moving the world’s major economies to withdraw from their strategic stocks of crude, to calm energy prices. .

i went down Brent crude futures contracts at $2.35, or 2.9%, to settle at $78.89 a barrel.

West Texas Intermediate crude futures for December delivery fell $2.91, or 3.6%, to settle at $76.10 a barrel. And the price of crude contracts for January delivery fell 2.65 dollars, or 3.4%, to 75.78 dollars 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% 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 Friday that the Organization of the Petroleum Exporting Countries (OPEC) must 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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