$70 Oil Won't Keep OPEC Happy

One day—that was all it took oil prices to plunge by more than a tenth after health authorities announced the identification of the latest potentially dangerous coronavirus variant in Southern Africa. Brent crude dropped from over $80 to about $72 per barrel, and West Texas Intermediate fell to $68 per barrel in the space of less than 24 hours, days after prices reacted to the release of 50 million barrels from the U.S. strategic petroleum reserve by rising. And with Brent at $72, OPEC is almost certain to halt its policy of supply increase.…