Oil Plunges 4.8% as Russia Proposes OPEC+ Output Hike


© Bloomberg. Oil storage tanks at a refinery in Tuapse, Russia. Photographer: Andrey Rudakov/Bloomberg


(Bloomberg) — Oil fell sharply as Russia was said to propose OPEC+ sticks with a planned 400,000 barrel a day production hike for January. 

in New York tumbled as much as 4.8%, while the global benchmark also fell. OPEC+ is meeting to decide on supply with the spread of the omicron variant muddying the demand outlook.

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