Oil prices may have crashed below $70 on Friday due to renewed Covid fears, but if those fears prove to be unfounded then oil prices could soar President Biden’s efforts to push oil-importing countries to release crude from their reserves could end up having a very bullish effect on oil markets OPEC and Russia account for over half of the world’s oil production and may well decided on December 2nd that it is time for them to act When President Biden announced earlier this week that the federal government would be releasing 50 million barrels of crude from the strategic petroleum reserve, perhaps those around him expected prices to go down significantly and stay down. Instead, prices rose, and OPEC+ gave a heavy hint it might cut supply. By Friday, oil prices fell sharply, but that was due to a new wave of Covid-19 fears and has little if […]