Oil prices skid on COVID-19 lockdowns in Europe

Oil tanked 5.8% for the week, the longest losing streak since March 2020

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. 49.45 +1.15 +2.38%
BNO UNITED STS BRENT OIL FD LP UNIT 19.34 +0.55 +2.93%

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. 61.15 -0.09 -0.15%
CVX CHEVRON CORP. 114.96 -0.17 -0.15%

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.

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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 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.