prices of Petroleum fell about 3%, below US$ 80 a barrel this Friday (19) with the increase in cases of Covid-19 in Europe threatening to slow down economic recovery, as investors also assess a possible release of oil reserves by major economies to ease prices.
Brent futures for January fell $2.35, or 2.9%, to close at $78.89 a barrel.
US crude (WTI) for December fell $2.91, or 3.6%, to $76.10 on its final day as its first contract.
WTI for January, soon to be the first US contract, fell about $2.65, or 3.4%, to $75.78.
Both benchmark brands retreated for the fourth week in a row, for the first time since March 2020.
“Fear of the unknown is weighing on market sentiment,” said Phil Flynn, a senior analyst at Price Futures in Chicago.
“The concern is that we’ll have some sort of coordinated release over Thanksgiving break next week, when volumes are normally low and dramatic moves occur.”
Austria became the first country in the Europe Western to re-impose an all-out lockdown this fall to tackle a new wave of Covid-19 infections across the region.
O Brent has risen nearly 60% this year as economies recover from the pandemic and the Organization of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, only gradually ramping up production.
Reference: CNN Brasil
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