Oil price higher on 2022 demand optimism

Brent crude settled up US$1.20, or 1.5%, at $78.98 a barrel at 12 p.m. EST (1700 GMT), having earlier risen as high as $79.05. U.S. West Texas Intermediate (WTI) crude settled up 87 cents at $76.08 a barrel. - Reuters

NEW YORK: Oil settled higher on Monday on hopes of further demand recovery in 2022, despite OPEC+ looking set to agree to another output increase and persistent concerns about how rising COVID infections might affect demand.

OPEC and its allies, or OPEC+, are expected on Tuesday to agree to the output hike.