Oil prices skid on COVID-19 lockdowns in Europe
Oil tanked 5.8% for the week, the longest losing streak since March 2020
How should investors react to down markets?
The Cow Guy Group's Scott Shellady and Seaport Securities' Teddy Weisberg discuss concerns with economic movement.
Oil prices tanked on Friday as rising COVID-19 lockdowns in Europe spooked investors along with chatter that other nations may soon tap strategic petroleum reserves.
For the week, West Texas Intermediate crude tumbled over 5.8% to $76.10 per barrel, the longest losing streak since late March 2020.
HARVARD ECONOMISTS TALKS 'EYE POPPING' INFLATION
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND L.P. | 75.49 | -0.16 | -0.21% |
| BNO | UNITED STS BRENT OIL FD LP UNIT | 30.94 | -0.08 | -0.26% |
Meanwhile, the international benchmark, Brent crude nearly 4% fell to $78.89 per barrel for the week.
Shares of major energy companies fell in sympathy with Exxon Mobil heading for the worst percentage drop since November of 2020.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XOM | EXXON MOBIL CORP. | 116.21 | -0.51 | -0.43% |
| CVX | CHEVRON CORP. | 162.62 | +0.32 | +0.20% |
Austria announced a national lockdown and a plan to mandate vaccinations as coronavirus infections hit a record high Friday, forcing the government to walk back promises that strict shutdowns were a thing of the past.
READ MORE ON FOX BUSINESS BY CLICKING HERE
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 didn’t comply would likely be fined but gave no other details.
Cases in Germany are also at a record high.
The Associated Press contributed to this report.