OPEC+ Meets to Debate Output Boost Oil fell in another volatile session with the first identified U.S. case of omicron jolting markets ahead of OPEC’s meeting with partners tomorrow to discuss output production. West Texas Intermediate closed down 1%, erasing earlier gains of as much as 5%. The omicron variant continued to worry investors with the first case detected in California and a doubling of South Africa’s Covid-19 cases from Tuesday. Meanwhile, Federal Reserve Chair Jerome Powell reiterated that the bank must remain vigilant against inflation, which can be bearish for commodities if it takes steps to slow the pace of economic growth. “It was inevitable that Omicron would make it to the US, but when you combine how quickly it appears to be spreading across South Africa, energy traders are getting more concerned about the short-term outlook,” said Ed Moya, senior market analyst at Oanda Corp. “If omicron […]