Oil Prices Tank On Renewed COVID Panic

Oil prices plunged by 3% early on Friday as Europe contends with rising COVID cases and is returning lockdowns and other restrictions, which the market fears would weigh on economies and oil demand. As of 9:09 a.m. EST on Friday, WTI Crude prices had slumped by 3.05% at $76.60, the lowest level since early October. Brent Crude had dipped below $80 a barrel, and traded down 2.72% at $79.17, also the lowest in more than a month. Prices sank after Austria announced on Friday it would impose a full lockdown starting on Monday. Germany, its neighbor…