- OPEC+ sticks to January output hike, but demand collapse may be imminent with the emergence of the omicron variant.
- Powell announces an increase in asset purchase tapering, sending inflation breakevens lower.
- Inventory releases suggest supply is dwindling on the back of volatile market conditions and a return to normalcy might provide a demand shock.
- Technical indicators suggest a larger drawn-out decline is in order based on Elliott Wave analysis, price level establishments, and fundamental factors.
For further details see:
More Turmoil For Crude Oil: OPEC+ Ready, But Powell Tapers