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2021.12.0219:46:00UTC+00Crude Oil Shows Notable Move Back To The Upside

After coming under pressure over the course of the previous session, treasuries showed a notable move back to the upside during trading on Thursday.

Crude for January delivery jumped $0.93 or 1.4 percent to $66.50 a barrel after ending Wednesday's trading down $0.61 or 0.9 percent at a three-month closing low of $65.57 a barrel.

The rebound by crude oil came even though OPEC and its allies, collectively known as OPEC+, decided to stick to their plant to increase output by 400,000 barrels per day in January.

A statement from OPEC+ noted the meeting would "remain in session" so producers could "make immediate adjustments if required."

Meanwhile, White House press secretary Jen Psaki told reporters Wednesday that she knew of no plans to slow releases from strategic reserves.



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