Oil prices skid on COVID-19 lockdowns in Europe
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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.
West Texas Intermediate crude tumbled over 3% to the $75 per barrel level.
HARVARD ECONOMISTS TALKS 'EYE POPPING' INFLATION
|USO||UNITED STATES OIL FUND L.P.||54.01||-1.52||-2.74%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||20.98||-0.57||-2.65%|
Meanwhile, the international benchmark, Brent crude, fell to $78 per barrel.
Shares of major energy companies fell in sympathy with Exxon Mobil heading for the worst percentage drop since November of 2020.
|XOM||EXXON MOBIL CORP.||60.77||-2.87||-4.50%|
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.
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