Oil prices edge higher ahead of OPEC+ output policy meeting | Reuters

Oil prices edge higher ahead of OPEC+ output policy meeting | Reuters

Oil prices rose on Tuesday as investors embraced expectations that oil producers will add supply at a meeting on Tuesday as a sign that fuel demand remains robust despite the spread of the Omicron variant of COVID-19.

Brent crude futures gained 43 cent to $79.41 a barrel at 0502 GMT, while U.S. West Texas Intermediate (WTI) crude recouped its earlier loses and rose 33 cents to $76.41 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 OPEC+. While there are also outages in Libya and Ecuador which are supportive," said Virendra Chauhan, analyst from Energy Aspects.