Oil Supply Concerns
Burc Oran
November 29, 2022
Oil fell.

Oil continued its recovery from its lowest level in almost a year.

U.S. crude rose above $78 a barrel after rallying on Monday after OPEC+ reported that it might consider supply cuts when members meet to assess production policy this weekend.

In the opening session earlier in the week, crude oil hit its lowest level since December as rising Covid-19 cases across China and demonstrations against virus restrictions hurt commodities.

No further protests could occur Monday night as authorities took heavy police action in major cities, including the capital, Beijing. Authorities will hold a briefing on Covid prevention and control measures at 15:00.

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