Crude prices fell below $ 80 a barrel this Friday morning, as the rebound in Covid-19 cases in Europe it threatened to slow the economic recovery, while investors evaluated a possible release of oil reserves to cool energy prices.
At 11:22 GMT, crude Brent it lost 2.27 dollars, or 2.81%, to 78.86 dollars a barrel, after having risen to 82.24 dollars, extending the volatility seen yesterday.
For his part the West Texas Intermediate in the United States (WTI) for December delivery it was $ 2, or 2.53%, down to $ 77 a barrel, after having oscillated in a range of more than $ 2 in the previous session, before closing higher.
This WTI contract expires on Friday and most of the trading activity had shifted to January futures, which were down 1.8%, to settle at $ 77 a barrel.
As he Brent As the WTI They are heading for a fourth consecutive week of declines.
Austria became the first Western European country to reimpose a total lockdown this fall to do Facing a New Wave of Covid-19 Infections in the region, which threatens to slow down the economic recovery of recent months.
The Brent has climbed nearly 60% this year, as economies rebound from the pandemic and Organization of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC +, they only raise production gradually.
The governments of some of the world’s largest economies are evaluating the release of crude from their strategic reserves in the wake of a request by the United States for a coordinated move to cool prices.
Reference-www.eleconomista.com.mx