Oil jumps on OPEC+ omicron contingency plan, trimming weekly drop

Arab News | Dec 3, 2021 at 9:23 AM
  • Oil rose for a second day on Friday after OPEC+ said it would meet again to review output if the omicron COVID-19 variant impacts demand.
  • Prices were still headed for a sixth week of declines on concern a steady increase in supply from the Organization for Petroleum Exporting Countries and its allies including Russia would lead to a surplus in the coming months.
  • Still, Brent was headed for a 2.6 percent weekly decline, while WTI was set to close 1 percent lower in the week, both on a six-week losing streak.