OIL PRICE: NEAR $79
OIL PRICE: NEAR $79

OIL PRICE: NEAR $79

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Brent lost 26 cents, or 0.3%, to $78.63 a barrel, WTI were down 12 cents, or 0.2%, at $75.82 a barrel.

WTI and Brent prices hit their lowest since Oct. 1 earlier in the session. They slumped around 3% on Friday, declining for the fourth straight week for the first time since March 2020.

The White House on Friday pressed the OPEC producer group again to maintain adequate global supply, days after U.S. discussions with some of the world's biggest economies over potentially releasing oil from strategic reserves to quell high energy prices.?

Further weighing on prices was possible renewed lockdowns in Europe as COVID-19 cases surged again. Germany warned on Friday it may need to move to a full lockdown after Austria said it would reimpose strict measures to tackle rising infections.

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