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Oil climbs above $80 as OPEC+ agrees output increase

Category: Economy

Date: 2022-01-04T16:31:56+0000
Oil climbs above $80 as OPEC+ agrees output increase

Shafaq News / Oil prices rose 2% 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%, at $80.48 a barrel by 1450 GMT and U.S. West Texas Intermediate (WTI) crude rose by $1.48, or 2%, 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.

Four OPEC+ sources told Reuters that the group agreed in their meeting on Tuesday to add 400,000 barrels per day (bpd) to output in February because it expects the Omicron variant to have short-lived impact on demand.

Source: Reuters

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