Oil extended declines as Saudi Arabia and other OPEC countries were reported to be discussing an output increase alongside China tightening its anti-COVID curbs, hurting the outlook for demand. Global benchmark Brent fell below US$85 a barrel for the first time since September on Monday. Prices slumped on news that OPEC+ is considering an output increase of 500,000 barrels ahead of the EU’s embargo of Russian oil, the Wall Street Journal reported. If confirmed, the production increase would come as market sentiment has shifted, with the price of physical barrels dropping and the U.S. prompt-spread in contango. China ... (full story)