OPEC+ Oil Output Decision in the Balance as Omicron Hammers Prices

OPEC+ Oil Output Decision in the Balance as Omicron Hammers Prices
The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen outside their headquarters in Vienna, Austria, on Dec. 7, 2018. Leonhard Foeger/Reuters
|Updated:

LONDON—OPEC and its allies will decide on Thursday whether to release more oil into the market or restrain supply amid big gyrations in crude prices, a U.S. release from oil reserves, and fears over the new Omicron coronavirus variant.

Brent has tumbled to about $70 a barrel, down from October’s three-year highs above $86. Prices in November registered their biggest monthly decline since the start of the pandemic as the Omicron variant raised fears of a glut.