Oil prices rose on Thursday, reversing the previous day's losses, on expectations OPEC+ may pause supply additions amid growing concern the spread of the Omicron coronavirus variant could weigh on the global economy and fuel demand.
U.S. West Texas Intermediate crude futures gained 48 cents, or 0.7%, to $66.05 a barrel by 0140 GMT, after a 0.9% drop on Wednesday.Register now for FREE unlimited access to reuters.com"Oil prices climbed as some investors anticipate that OPEC+ will decide to maintain the current supply levels in January to cushion any damage on demand from the Omicron spread," said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd.
The new variant, though, has complicated the decision-making process, with some observers speculating OPEC+ could pause those additions in January in an attempt to slow supply growth.
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