Oil steadied as supply constraints from OPEC+ to the U.S. offset concerns over the impact of a severe Covid-19 outbreak in China and the prospect of tightening monetary policy.
Futures held near $78 a barrel in New York after recouping earlier losses. A deep-freeze in Canada and Northern U.S. is disrupting oil flows, causing a surge in prices just as American stockpiles decline. Furthermore, a growing premium for prompt barrels suggests that supply troubles across the OPEC+ coalition -- which was able to provide only part of last month’s planned production increase -- are delaying the onset of oversupply.
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January 06, 2022 at 06:52AM
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Oil Prices for Jan. 06, 2022: Brent Crude, WTI - Bloomberg
"oil" - Google News
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