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 is the significance of OPEC's output policy meeting mentioned in the text?

What concerns do traders have regarding the new variant and its effect on oil prices?