Market Pulse: Oil rises as OPEC+ agrees to maintain production strategy amid omicron
OPEC+ on Tuesday opted to adhere to its plan to increase oil output among its members starting in for February, as had been widely expected, amid the rise in the omicron variant of coronavirus that causes COVID-19.
The rise in crude prices suggest that crude investors belief that omicron won’t have a lasting impact on crude demand. OPEC+ includes the Organization of the Petroleum Exporting Countries and other major producers including Russia.
West Texas Intermediate crude oil for February delivery CLG22, +1.56% was up 37 cents, or 0.5%, to reach $76.46 a barrel on the New York Mercantile Exchange. The U.S. benchmark rose 1.2% on Monday to start trade in 2022.