Oil prices have continued to fall this week, driven largely by growing demand destruction fears due to new covid cases in Europe While President Biden is yet to tap the SPR, rumors that he was considering it and asking fellow importers to do the same added to bearish sentiment In the meantime, OPEC+ has continued to over comply to its crude oil production targets Oil prices have continued to fall this week as rumors of President Biden tapping into U.S. oil reserves combined with a resurgence in covid cases in Europe created fresh bearish sentiment. Rig count Resurgent COVID fears triggered by a fresh surge in European cases weighed on oil prices this week, dragging the Brent benchmark towards $78 per barrel, down almost $3 per barrel on Friday alone. With both Brent and WTI set for a fourth weekly decline, it seems that the Biden Administration’s plan to […]