Oil Prices Rally Ahead of OPEC Meeting Despite Omicron Concerns

Some analysts expect OPEC+ to pause plans to add 400,000 barrels per day of supply in January.

Shadia Nasralla, Reuters

Oil prices rallied on Dec. 1 after recent sharp drops as major producers started to discuss future output against the backdrop of the Omicron variant of the coronavirus triggering fresh travel restrictions which could dampen oil demand.

Equity markets, which often move in tandem with oil prices also rebounded as investors bought the previous session's dip in the hope that Omicron would not derail an economic recovery.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access