Oil prices rose on Thursday as investors adjusted positions before an Opec+ decision on supply policy, though gains were capped by fears that the Omicron coronavirus variant could hit fuel demand.
Global oil prices have declined more than $10 a barrel since last Thursday, when news of Omicron first shook investors. The meeting is scheduled to start at 1pm GMT. Since August, the Opec+ has been adding a further 400,000 to global supply each month, gradually winding down record cuts agreed in 2020. The new coronavirus variant, however, has complicated Thursday’s decision.
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