The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have resisted U.S. requests for speedier increases in oil output to help the global economy, fearing oversupply could hurt a fragile energy sector recovery.
Oil prices rose on Thursday, recouping the previous day's losses, as investors adjusted positions ahead of an OPEC+ decision over supply policy, but gains were capped amid fears the Omicron coronavirus variant will hurt fuel demand.
OPEC and its allies will decide on Thursday whether to release more oil into the market or restrain supply amid big gyrations in crude prices, a U.S. release from oil reserves and fears over the new Omicron coronavirus variant.
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