U.S. oil prices settle higher as OPEC+ keeps output plan in place

us.-oil-prices-settle-higher-as-opec+-keeps-output-plan-in-place

U.S. oil prices climbed by more than 1% on Tuesday after major oil producers known as OPEC+ said they would stick to their plan to raise monthly crude production, as expected, by 400,000 barrels per day in February. For now, the omicron variant is not leading to the same hospitalization rates and death associated with earlier variants and for the most part, “governments have not imposed the widespread lockdowns or travel restrictions which significantly dent oil demand,” said Caroline Bain, chief commodities economist at Capital Economics, in a note. February West Texas Intermediate crude CLG22, -0.26% rose 91 cents, or 1.2%, to settle at $76.99 a barrel on the New York Mercantile Exchange, following a climb of nearly 1.2% on Monday.

Source: Marketwatch

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