• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 42 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 7 hours How Far Have We Really Gotten With Alternative Energy
  • 8 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 3 days Bankruptcy in the Industry
  • 3 days The United States produced more crude oil than any nation, at any time.
Geopolitical Tensions Fail to Spark Oil Price Surge

Geopolitical Tensions Fail to Spark Oil Price Surge

The fluctuating prices in response…

Is $100 Oil Within Reach?

Is $100 Oil Within Reach?

We have a situation where…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Prices Tank On Renewed COVID Panic

  • Austria announced on Friday it would impose a full lockdown starting on Monday
  • On Thursday, Germany’s 16 states agreed to introduce new COVID-19 restrictions
  • As of 9:09 a.m. EST on Friday, WTI Crude prices had slumped by 3.05% at $76.60
Falling stocks

Oil prices plunged by 3% early on Friday as Europe contends with rising COVID cases and is returning lockdowns and other restrictions, which the market fears would weigh on economies and oil demand.

As of 9:09 a.m. EST on Friday, WTI Crude prices had slumped by 3.05% at $76.60, the lowest level since early October. Brent Crude had dipped below $80 a barrel, and traded down 2.72% at $79.17, also the lowest in more than a month.

Prices sank after Austria announced on Friday it would impose a full lockdown starting on Monday.

Germany, its neighbor to the north and the largest economy in Europe, faces a “dramatic” fourth wave, German Chancellor Angela Merkel said earlier this week. On Thursday, Germany’s 16 states agreed to introduce new restrictions depending on the hospitalization rate per 100,000 residents. If those rates exceed three people hospitalized with COVID per 100,000 inhabitants, free movement for leisure activities will be allowed only for those who are vaccinated or who have recovered from COVID. In Munich, the mayor scrapped the iconic Christmas market in the city, while a full lockdown in Germany is not entirely off the table. A full lockdown in Europe’s largest economy would slow the economic recovery.

In Ireland, the government also announced restrictions this week, with pubs and nightclubs under curfew to close by midnight and people asked to work from home whenever possible.

COVID cases are also on the rise in the United States, where the Upper Midwest has registered the biggest jump in cases in what doctors describe as an “unprecedented” situation.

Apart from fears of an economic and oil demand slowdown amid rising COVID cases in developed countries, the oil market continues to watch apprehensively the possibility of releases from strategic petroleum reserves not only from the United States but also from major consumers in Asia, including China, India, Japan, and South Korea. 

By Tsvetana Paraskova for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News