Oil prices are poised for their fourth consecutive weekly decline as we come into options expiration amid a recent surge of Covid cases in Europe as well as the possibility of the release of strategic reserves. This global coordinated effort is rumored to be led by China who may release 7 million barrels from their strategic reserve. Largely discounted were reports that OPEC+ output last month came in below their expectations. Oil inventories reported a draw of -2.101 million barrels against an expected build, registering its first draw in four weeks, according to the EIA. Stocks are now down -11.5% year over year and 3.1% below the 5-year average. The market remains bullish trend with today’s range seen between 77.14 – 84.78.