Oil Plunges More Than 5%, Briefly Falls Below $65

The video discusses recent volatility in oil prices, highlighting a significant drop in West Texas Intermediate and Brent crude, leading to bear market conditions. The Omicron variant and OPEC+ decisions are key factors affecting the market, with new travel restrictions threatening global crude consumption. The US is attempting to ease tensions with Saudi Arabia after releasing oil from strategic reserves to combat high prices. OPEC+ is set to decide on output policy, which could influence market dynamics significantly.

What was the recent percentage drop in West Texas Intermediate from its peak?

• 18%

• 22%

• 15%

• 25%

Which factor is threatening the rebound in global crude consumption?

• Stable prices

• Rising demand

• New travel restrictions

• Increased production

What action did the US take that might have exacerbated tensions with Saudi Arabia?

• Increased oil imports

• Released oil from strategic reserves

• Cut oil production

• Imposed new tariffs

What is the main focus of the upcoming OPEC+ policy meeting?

• Increasing oil prices

• Reducing oil exports

• Introducing new tariffs

• Deciding on output hikes

What is a potential outcome if OPEC+ pauses the plan to raise output hikes?

• No impact on oil prices

• Stabilization of oil prices

• Increase in oil prices

• Decrease in oil prices