US West Texas Intermediate crude oil futures closed higher on Monday after hitting their lowest level in a year earlier in the day. The sudden reversal in prices was fueled by talks of an OPEC+ production cut, offsetting concerns about tough COVID-19 restrictions in China, the world’s largest crude oil importer.

On Monday, January Crude Oil WTI was $77.24, up $0.96 or +1.26%. That United States Oil Fund ETF (USO) closed at $66.89, down $0.07 or -0.10%.

Analysts at Eurasia…

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