NEW YORK : Oil prices fell about 3per cent to below US$80 a barrel on Friday as surging COVID-19 cases in Europe threatened to slow the economic recovery while investors also weighed a potential release of crude reserves by major economies to cool prices.U.S. West Texas Intermediate crude for December fell US$2.91, or 3.6per cent, to US$76.10 on its last day as the front-month. WTI for January, which will soon be the U.S. front-month, was down about US$2.65, or 3.4per cent, to US$75.78.
"The market still remains fundamentally in a good position but lockdowns are now an obvious risk... if other countries follow Austria's lead," Craig Erlam, market analyst at OANDA, said in a note.
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