Oil price returns above key support

Oil has reacted strongly to the news that OPEC + will sticj to its production plan. However, the statement is to say that in the event of further major changes in the market, OPEC + may consider changing its supply policy. This led to a marked recovery. The price rebounded from around $ 63.00 and is currently trading above the $ 65.00 level. It is worth mentioning that the $ 64.75 level marks the lower limit of the 24% correction, similar to the one from last year.

In addition, Novavax announces that it is already working on a new variant of the Omicron vaccine, which is expected to be available potentially in January.

Crude oil (OIL.WTI) managed to partially erase early losses, however downward pressure still prevails. Source: xStation5

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Oil price returns above key support

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