Oil market extended gains as OPEC+ stick to its planned output increase

International benchmarks for crude oil extended the uptrend on the second trading day of the week after OPEC+ decided to stick to its plan to increase the production outputs by 400,000 barrels per day in February, sparking optimism that the Omicron variant might not impact the demand as severely as initially expected.

Brent gained $1.02 or 1.3% to close at $80/barrel.

WTI increased 91 cents or 1.2% to close at $76.99/barrel.