OPEC+ continues increasing oil production in January

Friday oil prices are going up after OPEC+ has decided to sustain the output policy of a monthly hike of 400 thousand barrels per day in January, Interfax reports.

However, the oil producing countries reserved the opportunity to change this decision at any time, noting the high uncertainty across the market because of the new omicron Covid variant and its potential effect on oil demand.

International benchmark Brent crude futures traded at $70.89 on Friday morning in London, up over $1.22 (1.75%) for the session. WTI futures reached $67.75, $1.25 (1.88%) higher.

"Although OPEC+ surprised market participants by deciding to further hike increase the output as agreed, traders seem to be satisfied that the alliance is ready to reassemble and adjust the plans," Warren Patterson, an analyst at ING Groep NV said.

He also mentioned that such a decision would give OPEC+ additional time to assess the potential impact of the new COVID-19 variant on the oil market.