Oil price up at US$80/bbl as OPEC+ sticks with Feb output hike

Brent futures settled up US$1.02, or 1.3%, at $80 a barrel, almost back to the level they were at on Nov. 26 when reports of the new variant first appeared, sparking a more than 10% decline in prices on that day. U.S. West Texas Intermediate (WTI) crude rose 91 cents, or 1.2%, to $76.99.(File pic shows the Opec logo at the headquarters- Reuters)

NEW YORK: Global benchmark Brent crude jumped on Tuesday to $80 a barrel, its highest since November, as OPEC+ agreed to stick with its planned increase for February based on indications that the Omicron coronavirus variant would have only a mild impact on demand.

Brent futures settled up US$1.02, or 1.3%, at $80 a barrel, almost back to the level they were at on Nov. 26 when reports of the new variant first appeared, sparking a more than 10% decline in prices on that day.