Oil started this Friday trading in the 'red' on fears that the emergence of a new variant of covid-19 could lead to further tightening and restrictions around the world. But also, there are fears of a pullback in fuel demand, which is driving down the price of the 'black gold'.

This morning, North Sea Brent crude is down 3.05%, with the barrel worth $79.71. WTI (West Texas Intermediate), meanwhile, traded in New York, is depreciating 3.65% to $75.53.

This reaction comes ahead of the Organization of Petroleum Exporting Countries (OPEC) meeting scheduled for next week, where a possible increase in supply will be discussed.

The United States announced Wednesday coordinated action with other countries to draw on strategic reserves to counter rising energy prices.