Oil prices above $80 a barrel after Opec+ output target hike

Oil prices extended gains on Wednesday, rising towards $81 a barrel after Opec+ producers stuck to an agreed output target rise for February and investors assessed the impact of a spike in Covid-19 cases caused by the Omicron variant.

Brent crude futures were up 65 cents, or 0.81 per cent, to $80.32 a barrel by 1317 GMT, while US West Texas Intermediate (WTI) crude futures rose 56 cents, or 0.73 per cent, to $77.55.

Opec+ producers, which include members of the Organization of the Petroleum Exporting Countries along with Russia and others, on Tuesday agreed to add another 400,000 barrels per day of supply in February, as they have done each month since August.