Oil begins new year with gains, Omicron worries linger | Reuters

Oil begins new year with gains, Omicron worries linger | Reuters

Oil prices firmed on Monday as the market kicked off 2022 on a positive note with suppliers in focus ahead of Tuesday's OPEC+ meeting, although surging COVID-19 cases continued to dent demand sentiment.

Brent crude added 56 cents, or 0.72%, to $78.34 a barrel, as of 0710 GMT. U.S. West Texas Intermediate crude futures gained 52 cents, or 0.69%, to $75.73 a barrel.

"Tightened supplies from Libya ahead of an Organization of the Petroleum Exporting Countries and allies (OPEC+) meeting kept the market sentiments positive," said Abhishek Chauhan, head of commodities at Swastika Investmart Ltd.

Libya's state oil firm said on Saturday the country's oil output would be reduced by 200,000 barrels per day for a week due to maintenance on a main pipeline between the Samah and Dahra fields.