Oil prices fell by 3%, and remained below $ 80 a barrel, in light of European data that indicated a slowdown in the economic recovery.<\/p>\n
The decline also comes at a time when investors see the possibility of the world’s major economies moving to withdraw from their strategic stocks of crude, to calm energy prices.<\/p>\n
Brent crude futures fell $2.35, or 2.9 percent, to settle at $78.89 a barrel.<\/p>\n
West Texas Intermediate crude futures for December delivery fell $2.91, or 3.6 percent, to $76.10 a barrel upon settlement.<\/p>\n
And the price of crude contracts for January delivery fell $2.65, or 3.4%, to $75.78 a barrel.<\/p>\n
The two benchmarks incurred losses for the fourth consecutive week, for the first time since March 2020.<\/p>\n
Austria became the first country in Western Europe to completely re-impose a nationwide lockdown to combat the coronavirus this fall, with a new wave of infections across the region threatening to slow the economic recovery of recent months.<\/p>\n
Germany, Europe’s largest economy, also said it may impose a general closure to combat COVID-19.<\/p>\n
Brent crude has risen about 60% this year as economies recover from the pandemic and as the Organization of the Petroleum Exporting Countries (OPEC)and its allies, known as OPEC+, gradually increase production.<\/p>\n
Governments of some of the world’s largest economies are considering drawing down strategic oil reserves at the request of the United States, in a coordinated move to cool oil prices.<\/p>\n
The White House said that OPEC must meet global demand for oil with “adequate” supplies when it holds its next meeting on production policy on December 2.<\/p>\n
Two informed sources said that the commitment of the OPEC+ group to oil production cuts amounted to 116% in October, up from 115% in September.<\/p>\n
This indicates that the group continues to produce within the framework of the agreed goals.<\/p>\n