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.
