Oil continue to rise, Brent crosses $70

Oil drilling rigs

Oil prices climbed on Thursday ahead of an OPEC+ decision over supply policy amid threat of the Omicron coronavirus variant hurting global demand.

OPEC+ will likely decide on Thursday whether to release more oil into the market as previously planned or restrain supply.

Since August, the group has been adding an extra 400,000 barrels per day (bpd) of output to global supply each month, as it gradually winds down record cuts agreed in 2020.

Elsewhere, crude inventories fell by 910,000 barrels in the week to Nov. 26, the Energy Information Administration (EIA) said.

Bank of America head of commodities Francisco Blanch said the bank was sticking to its $85-a-barrel forecast for oil in 2022, with possible surges past $100 if air travel rebounds.

Brent crude futures for February rose 1.9% to $70.18, while US West Texas Intermediate (WTI) crude futures for January gained 1.8% to $66.75 a barrel at 11.05 am Makkah time.