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Financial News: Oil sliding with more surplus

Financial News:

Oil sliding with more surplus

Crude Oil

Oil prices dropped today as the International Energy Agency confirms the global oil market has returned to surplus with the omicron variant reducing international travel.

Brent crude futures dropped 1.2% to about $73 a barrel as the International Energy Agency (IEA) said that "rebounding supplies from numerous producers are creating a new oversupply, which is likely to swell further early next year."

Photo: Petroleum, also known as crude oil and oil, is a naturally occurring, yellowish-black liquid found in geological formations beneath the Earth's surface.

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Content ID: 1639491356 Created Tuesday, December 14, 2021 2:15 PM UTC by Aaron Stipkovich, Updated Tuesday, December 14, 2021 2:23 PM UTC by Aaron Stipkovich.