Oil prices rise ahead of OPEC+ meeting | Reuters

Oil prices rise ahead of OPEC+ meeting | Reuters

Oil prices rose on Tuesday as investors expected OPEC+ producers meeting on output to stick with their planned increase for February based on indications Omicron would have only a mild impact on demand.

Brent crude was up 48 cents, or 0.6%, at $79.46 a barrel at 1310 GMT, while U.S. West Texas Intermediate (WTI) crude rose by 42 cents, or 0.6%, to $76.50 a barrel.

"The oil market is bullish today as a result of optimism sourced from today’s monthly OPEC+ meeting, which is helping oil prices trade higher," said Bjørnar Tonhaugen, Rystad Energy’s head of oil markets.

OPEC+ has been increasing its output target by 400,000 barrels per day (bpd) since August and is expected to do so again for February. read more