Oil rises on views OPEC+ may pause supply addition amid Omicron fears
Oil prices rose on Thursday, reversing the previous day’s losses, on expectations OPEC+ may pause supply additions amid growing concern the spread of the Omicron coronavirus variant could weigh on the global economy and fuel demand.
US West Texas Intermediate (WTI) crude futures gained 48 cents, or 0.7 per cent, to $66.05 a barrel by 0140 GMT, after a 0.9 per cent drop on Wednesday.
Brent crude futures were up 48 cents, or 0.7 per cent, at $69.35, having eased 0.5 per cent in the previous session.
“Oil prices climbed as some investors anticipate that OPEC+ will decide to maintain the current supply levels in January to cushion any damage on demand from the Omicron spread,” said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd.
