Oil climbs more than 3% on the day as OPEC + focuses | Breaking News Updates

Oil climbs more than 3% on the day as OPEC + focuses

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Oil suffered its worst month of the year in November, but bargain hunters are now looking to jump in

Oil prices are benefiting from the riskier mood so far today as we are currently seeing a more than 3% rise to $ 68.50.

From a technical standpoint, today’s rebound doesn’t represent anything big, but buyers are hoping to establish a base around $ 65 and try to build on something as we come to terms with the omicron variant.

Even though the latest strain may prove to be less damaging than expected, the action of governments around the world to err on the side of caution is still a negative factor for oil prices in general.

Border closures and restrictive measures will only serve to ease demand conditions in the short term, although things could improve further in a year.

These are pretty much small steps at the moment and oil buyers will need to be patient to gain solid support on the news front that they can capitalize on.

Getting back to the charts, getting back above $ 70 will be a key psychological win for buyers, but with OPEC + ahead, don’t overlook some bouts of volatility ahead of the weekend.

The bloc is expected to halt plans to increase further production from January, so this will be something to watch out for in the days to come.

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Oil climbs more than 3% on the day as OPEC + focuses

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