Oil steadies as supply constraints counter omicron concerns

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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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Original Article Source Credits: jwn, https://www.jwnenergy.com

Article Written By: Bloomberg  

Original Article Posted on: January 6, 2022

Link to Original Article: https://www.jwnenergy.com/article/2022/1/6/oil-steadies-as-supply-constraints-counter-omicron