Oil prices dip ahead of OPEC+ output policy meeting | Reuters

Oil prices dip ahead of OPEC+ output policy meeting | Reuters

Oil prices surrendered earlier gains on Tuesday as investors embraced expectations that major oil producers will confirm a plan to add supply later on Tuesday amid diminishing concerns over the spread of the Omicron variant of COVID-19.

Brent crude futures lost 25 cents to $78.74 a barrel at 0739 GMT, while U.S. West Texas Intermediate (WTI) crude inched down by 19 cents to $75.89 a barrel.

The benchmark contracts both climbed more than 1% on Monday.

"Number one driver (of global oil prices) at the moment is management of the supply side of the market by (producer alliance) OPEC+," said Virendra Chauhan, analyst from Energy Aspects.