Oil drops below $80 on European COVID concerns | Reuters
Oil prices dropped below $80 a barrel on Friday as a fresh surge in 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 energy prices.
Brent crude was down $1.54, or 1.9%, at $79.70 a barrel by 1023 GMT after earlier rising to as high as $82.24, extending volatility seen on Thursday.
U.S. West Texas Intermediate (WTI) crude for December delivery was down $1.38, or 1.75%, at $77.63 a barrel, having swung through a range of more than $2 the previous session before closing higher as well.
The WTI December contract expires on Friday and most trading activity has shifted to the January future, which was down 1.8% at $77 a barrel.
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