Oil Prices Rise After Six-Week Losing Streak

Crude oil has recorded six consecutive weeks of losses amid news of lockdown plans in Europe, the SPR reserve release announcement by the White House, and most recently, the emergence of a new coronavirus variant. According to Bloomberg, since late November, Brent is down by 15 percent, which has shrunk its rise since the start of the year to 35 percent. The shrinkage was caused by the combination of Omicron, the SPR release news, and more oil coming from OPEC+ after the group agreed to stick to its output addition agreement in January as well.…