Oil prices plummeted Friday as rising COVID-19 lockdowns in Europe startled investors along with talk that other nations may soon tap into strategic oil reserves.
During the week, West Texas Intermediate crude plunged over 5.8% to $ 76.10 a barrel, the longest streak of losses since late March 2020.
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|USE||UNITED STATES OIL FUND LP||53.78||-1.77||-3.19%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||20.87||-0.68||-3.16%|
Meanwhile, the international benchmark, Brent crude, fell nearly 4% to $ 78.89 a barrel for the week.
Large energy company stocks fell in line with Exxon Mobil, which was heading for its worst percentage decline since November 2020.
|XOM||EXXON MOBIL CORP.||60.67||-2.94||-4.62%|
Austria announced a national lockdown and a plan to require vaccinations as coronavirus infections hit a record high on Friday, forcing the government to withdraw promises that strict closings were a thing of the past.
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While the scope of the proposed mandate was unclear, a blanket requirement would be a first for a Western country. Chancellor Alexander Schallenberg said those who fail to comply will likely be fined, but did not provide any further details.
In Germany, too, the cases are at a record high.
The Associated Press contributed to this report.