Oil rises on OPEC+ plan to meet if Omicron hits fuel demand

Oil rises on OPEC+ plan to meet if Omicron hits fuel demand

Oil prices climbed on Friday, extending gains after OPEC+ said it would review supply additions ahead of its next scheduled meeting if the Omicron variant dents demand, but prices were still on course for a sixth week of declines.

U.S. West Texas Intermediate (WTI) crude futures rose $1.19, or 1.8%, to $67.69 a barrel at 0453 GMT, adding to a 1.4% gain on Thursday.

Brent crude futures rose $1.19 cents, or 1.7%, to $70.86 a barrel, after climbing 1.2% in the previous session, Reuters reported.

The market has been roiled all week by the emergence of Omicron and speculation that it could spark new lockdowns, dent fuel demand and spur OPEC+ to put its output increases on hold.

For the week, Brent was poised to end down about 2.6%, while WTI was on track for a less than 1% drop, with both heading lower for a sixth straight week.

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