11/19/2021, 11:21 AM (Source: TeleTrader)
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Oil reverses course, drops 2% on news of lockdowns

Prices of oil futures turned to losses on Friday and dropped almost 2% as the investors digested the news of newly announced COVID-19 lockdowns in Europe.

China's premier Li Keqiang previously warned that Beijing is currently looking at "downward [economic] pressures" caused by the virus outbreak.

West Texas Intermediate (WTI) for deliveries in January dropped 1.81% at 5:10 am ET, selling for $77.04 per barrel, while Brent for January settlements lost 1.87% a minute later, going for $79.69 per barrel.

Baha Breaking the News (BBN) / BU