(Bloomberg) – Crude oil’s powerful rally came to a halt this month. West Texas Intermediate is on track to post a 15% loss in November, its biggest decline since March 2020, when the onset of the pandemic slashed global energy use. The pullback has been driven by the coordinated release of crude oil reserves in the US and other nations, concerns regarding the omicron variant and predictions that the market could post a surplus early next year.
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Oil Set for Biggest Monthly Loss Since Virus’s Early Days: Chart
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