Oil Prices Sink As OPEC+ Hype Wears Off

Oil prices sank over 1% on Monday, erasing the positive sentiment that the market boasted last week after OPEC+ agreed on a plan for January production. While OPEC+ agreed to add 500,000 barrels of oil production per day to its quota, it was less of an increase than its original plan had called for. The markets interpreted this as a positive sign, and, combined with positive developments with several covid-19 vaccines, oil prices rallied last week. But reports of the increasing number of coronavirus cases is threatening to dampen the optimism that…