Oil prices rise on bets OPEC+ will hold off output hike

MELBOURNE: Oil prices climbed on Tuesday, extending a rebound from last week’s plunge on growing expectations major producers would pause plans to add crude supply in January amid uncertainty over the severity of the Omicron coronavirus variant.

U.S. West Texas Intermediate (WTI) crude futures jumped 99 cents, or 1.4 per cent, to $70.94 a barrel at 0105 GMT, adding to a 2.6 per cent rise on Monday.

Brent crude futures climbed 82 cents, or 1.1 per cent, to $74.26 a barrel, after gaining 1 per cent on Monday.