Oil logged its biggest weekly drop since August as Europe’s worsening Covid-19 crisis renewed the prospect of lockdowns just as key consuming nations look to add emergency supply to the market. West Texas Intermediate for January delivery tumbled 3.2%, while the expiring December contract lost 3.7%. Europe’s Brent skidded 2.9%. The wave of infections in Europe is growing, once again raising the prospect of mobility restrictions that would hit oil demand. Austria imposed a lockdown while Germany introduced some restrictions. The concerns come as the oil market fixates on the prospect of releases from strategic crude reserves by the U.S. and China. The latter said Thursday it was working on one, while the U.S. has repeatedly said the option to tap its Strategic Petroleum Reserves remains on the table. “It’s a potent one-two punch for the petroleum complex, when there is a looming supply burst combined with a hit […]