Oil extends gains above $80 after OPEC+ output hike | Reuters

Oil extends gains above $80 after OPEC+ output hike | Reuters

Oil prices extended gains on Wednesday, rising towards $81 a barrel after OPEC+ producers stuck to an agreed output target rise for February and investors assessed the impact of a spike in COVID-19 cases caused by the Omicron variant.

Brent crude futures were up 65 cents, or 0.81%, to $80.65 a barrel by 1317 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 56 cents, or 0.73%, to $77.55.

OPEC+ producers, which include members of the Organization of the Petroleum Exporting Countries along with Russia and others, on Tuesday agreed to add another 400,000 barrels per day of supply in February, as they have done each month since August. read more

The United States reported nearly 1 million new coronavirus infections on Monday, the highest daily tally of any country in the world and nearly double the previous U.S. peak set a week earlier.