Oil prices skid on COVID-19 lockdowns in Europe
Oil tanked 5.8% for the week, the longest losing streak since March 2020
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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 - USD ACC | 71.75 | +0.12 | +0.17% |
| BNO | UNITED STATES BRENT OIL FUND - USD ACC | 28.97 | +0.06 | +0.21% |
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. | 117.83 | -0.23 | -0.19% |
| CVX | CHEVRON CORP. | 162.21 | +0.28 | +0.17% |
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.