Oil prices climb over 4% ahead of OPEC meeting despite Omicron concerns | Reuters

Oil prices climb over 4% ahead of OPEC meeting despite Omicron concerns | Reuters

Oil prices rose more than 4% on Wednesday, still struggling to recoup losses of more than 16% in November, as major producers prepared to discuss how much of a threat the new Omicron variant of the coronavirus would pose to energy demand.

Brent crude futures for February rose $3.56, or 5.1%, to $72.79 a barrel at 1048 GMT.

U.S. West Texas Intermediate (WTI) crude futures rose $3.25, or 4.9%, to $69.43 a barrel. Both Brent and WTI front-month contracts in November posted their steepest monthly falls in percentage terms since March 2020, down 16% and 21% respectively.

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.