Western sanctions have begun to take a toll on Moscow’s petroleum output.
Governments around the world, including most recently Britain and Norway, have tightened restrictions to stop the spread of the Omicron variant.
Oil prices rose by more than $1 a barrel on Monday after top exporter Saudi Arabia raised prices for its crude sold to Asia and the United States.
Brent goes up above $70 a barrel.
On Thursday, an OPEC+ meeting is scheduled, which brings together OPEC and partners.
Crude oil production from the world's largest exporter of raw materials increased by 100 thousand barrels per day.
In its monthly report, OPEC foresees the growth in oil demand in 2022 at 4.2 million bpd.
Brent and WTI could rise more than 2% at the end of the week.
Production in the Gulf of Mexico is still not fully recovered after Hurricane Ida.
The recovery in US production in the Gulf of Mexico is slower than predicted.
In December 2018, the country decided to leave the organization.
The factors that supported oil prices last week are fading away.