Oil slumps below $80 on resurgent European COVID fears | Reuters
Oil prices fell sharply on Friday towards $78 a barrel 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 prices.
Brent crude was down $2.78, or 3.42%, at $78.46 a barrel by 1300 GMT, its lowest since early October, 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 $2.61, or 3.3%, at $76.40 a barrel.
The WTI December contract expires on Friday and most trading activity has shifted to the January future, which was down 3.3% at $75.83 a barrel.
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