Oil climbs above $80 as OPEC+ agrees output increase
LONDON: Oil prices rose 2 per cent on Tuesday as OPEC+ producers agreed to stick with their planned increase for February based on indications that Omicron would have only a mild impact on demand.
Brent crude was up $1.50, or almost 2 per cent, at $80.48 a barrel by 1450 GMT and U.S. West Texas Intermediate (WTI) crude rose by $1.48, or 2 per cent, to $77.56.
“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 Rystad Energy’s head of oil markets, Bjornar Tonhaugen.
