Biden's Bluff And Covid Cases Drag Oil Prices Down

Oil prices have continued to fall this week as rumors of President Biden tapping into U.S. oil reserves combined with a resurgence in covid cases in Europe created fresh bearish sentiment. Resurgent COVID fears triggered by a fresh surge in European cases weighed on oil prices this week, dragging the Brent benchmark towards $78 per barrel, down almost $3 per barrel on Friday alone. With both Brent and WTI set for a fourth weekly decline, it seems that the Biden Administration’s plan to bring outright prices lower has largely worked. There…