Crude Oil Drops 3%, COVID-19 Stages A Big Comeback


Sumary of Crude Oil Drops 3%, COVID-19 Stages A Big Comeback:

  • Crude prices were swept up by a wave of caution in global markets as London futures dropped toward $80 a barrel.
  • A coordinated special petroleum reserve also fueled a near 3% decline in the oil price on Friday.
  • As a result of the unprecedented move by the U.S. and other nations to tap strategic stockpiles in order to tame rising energy prices, OPEC+ meets Dec.
  • It must also consider internal projections that the reserves release will exacerbate a surplus it expects to reach early next year.
  • Nevertheless, the International Energy Agency has accused them of creating “artificial tightness” and urged a return to supplies as soon as possible.

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