Oil Prices Rise on Expectations OPEC+ Might Hold Supply in January

Oil price climbed after a sharp plunge on the uncertainty of oil demand amid new COVID-19 variant-Omicron posing threat to renewed movement restrictions globally.

U.S. West Texas Intermediate (WTI) inched jump 0.82 cents to $70.77 a barrel while Brent Crude Oil is up by 0.76 cents to $74.20 a barrel.

Earlier on Friday oil plunged around 12% along with the other major financial assets after news broke out new variant Omicron might be highly transmissible and current vaccines could be less effective.

Expectations are growing among traders that Organization of the Petroleum Exporting countries, Russia and their allies together known as OPEC+ are to hold plans to add 400,000 barrels per day of supply in January during their meeting on December 2.