Oil rallies as Opec meets, but supply concern looms

Brent crude futures for February were up $2.08, or 3%, at $71.31 a barrel at 1445 GMT.

Oil prices rallied on Wednesday after recent sharp drops as major producers started to discuss future output against the backdrop of a new coronavirus variant triggering fresh travel restrictions that 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 the Omicron variant would not derail an economic recovery.

Brent crude futures for February were up $2.08, or 3%, at $71.31 a barrel at 1445 GMT.

U.S. West Texas Intermediate (WTI) crude futures rose $2.06, or 3.1%, to $68.24 a barrel. Both contracts retraced some of their gains after an…read more

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