Oil prices above $80 a barrel after Opec+ output target hike

Oil prices extended gains on Wednesday, rising towards $81 a barrel after Opec+ producers stuck to an agreed output target rise for February and investors assessed the impact of a spike in Covid-19 cases caused by the Omicron variant.

Brent crude futures were up 65 cents, or 0.81 per cent, to $80.32 a barrel by 1317 GMT, while US West Texas Intermediate (WTI) crude futures rose 56 cents, or 0.73 per cent, to $77.55.

Opec+ producers, which include members of the Organization of the Petroleum Exporting Countries along with Russia and others, on Tuesday agreed to add another 400,000 barrels per day