Omicron puts market in disarray

Bear market: A 3D printed oil pump jack is seen in front of a displayed Opec logo in this illustration picture. Traders are expecting the alliance to defer a modest supply hike scheduled for January. — Reuters

NEW YORK: Opec and its allies headed into a second day of talks on whether to pause their production increases as the resurgent pandemic throws the outlook for next year into disarray.

With crude already in a bear market as the Omicron variant of Covid-19 imperils demand, traders were widely expecting the alliance led by Saudi Arabia and Russia to defer a modest supply hike scheduled for January.