As OPEC+ agreed upon Output Increase, Upheld, as per 400,000 for Feb

Oil prices rose 2% as OPEC + producers agreed to stick to the increase scheduled for February, based on indications that the Omicron variant will have only a limited and short term impact on the demand dynamics.

Global benchmark Brent blend rose $1.50, or about two percent, to $80.48 a barrel by 1450 GMT.

US West Texas Intermediate crude prices rose $1.48, or two percent, too, to $77.56 a barrel.

Four sources in OPEC + stated that the group agreed on Tuesday to increase production by 400,000 barrels per day, for February, based on its expectation that the Omicron variant will have a short-term impact on world demand.