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Traders on global Oil markets pushed black gold’s price down on Thursday morning. Continuing peace talks as well as a lockdown in Shanghai and a potential release of U.S. strategic reserves could have contributed to this downtrend.
With supplies threatened by geopolitical unrest and demand rebounding across Asian economies, the crude benchmark Brent Oil has reached its highest level since October 2014.
Oil is in turmoil as the COVID-19 Omicron variant spreads. With the outlook for petrol demand uncertain, OPEC+ is set to meet today to discuss output.