Oil prices go up, investors anticipate OPEC+ decision

Oil prices increase on Thursday, offsetting losses incurred shortly before, as investors adjust positions ahead of OPEC+'s production decision, Investing.com reports.

However, quotation growth is limited due to concerns about the spread of the Omicron variant, which will negatively affect the demand for fuel.

Brent futures price went up by 1.39% to $69.83 per barrel, WTI – by 1.43% to $66.51 per barrel.

Global oil prices have decreased by more than $10 a barrel since last Thursday when news of the Omicron variant shook the market.

The Organization of Petroleum Exporting Countries is to decide on Thursday whether to increase oil production following the earlier adopted schedule or limit supplies.

“Oil prices went up as some investors expected OPEC+ to decide to maintain current supply levels in January to mitigate any damage to demand from the proliferation of the Omicron,” Toshitaka Tazawa, an analyst at Fujitomi Securities said.