Oil bulls needed a lifeline. Instead, they were dealt another blow after OPEC+ agreed to stick to their previously agreed plan of hiking output by 400,000 barrels per day in January.
Brent crude tumbled to levels not seen since late August below $65.70 while WTI crude slipped as low as $62.30 before rebounding. The cartel’s decision to proceed with their next output hike comes at a time where the Omicron variant has cast a veil of uncertainty over the global economic recovery. On top of this, fears continue to linger over the United States releasing more crude reserves in an attempt… Read More:
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