Oil Starts The New Year Higher, But Covid Fears Limit Gains

Oil prices rose on Monday as the market started 2022 positively ahead of a meeting of the OPEC+ group on Tuesday, although the increase in COVID-19 cases continued to dampen demand sentiment.

Brent crude, the global benchmark, rose 59 cents, or 0.76 percent, to $78.37 a barrel by 0440 GMT. US West Texas Intermediate crude futures also rose 63 cents, or 0.84 percent, to $75.84 a barrel.

Libya’s state oil company said on Saturday that the country’s oil production would drop by 200,000 barrels per day for a week due to the maintenance of a major pipeline between the Samah and Dahra fields.

Meanwhile, four sources said that OPEC + will likely stick to its plan to increase supplies by 400,000 barrels per day in February.