Oil climbs over 3% ahead of OPEC meeting amid Omicron concerns | Reuters
Oil prices rose more than 3% on Wednesday, recouping a big chunk of the previous session's steep losses, as major producers prepared to discuss how to respond to the threat of a hit to fuel demand from the Omicron variant of the coronavirus.
Brent crude futures rose $2.46, or 3.6%, to $71.69 a barrel at 0742 GMT, after rising to as high as $71.95 earlier in the day. The benchmark had slumped 3.9% on Tuesday.
U.S. West Texas Intermediate (WTI) crude futures rose $2.13, or 3.2%, to $68.31 a barrel, after a 5.4% drop on Tuesday.
The Organization of the Petroleum Exporting Countries (OPEC) will meet on Wednesday after 1300 GMT and ahead of a meeting on Thursday of OPEC+, which groups OPEC with allies including Russia. read more
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