Oil dives over 2%, below $80 on resurgent pandemic in Europe | Reuters
Oil prices fell on Friday below $80 a barrel as surging COVID-19 cases in Europe threatened to slow the economic recovery while investors also weighed a potential release of crude reserves by major economies to cool prices.
Brent futures for January fell $2.24, or 2.8%, to $79.00 a barrel by 11:00 a.m. EST (1600 GMT). U.S. West Texas Intermediate (WTI) crude for December fell $2.54, or 3.2%, to $76.47 on its last day as the front-month.
WTI for January , which will soon be the U.S. front-month, were down about $2.15, or 2.8%, to $76.24.
Brent was on track for its lowest close since Sept. 30 and WTI for its lowest close since Oct. 1. Both benchmarks were also headed for a fourth straight weekly decline for the first time since March 2020.
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