WASHINGTON (dpa-AFX) - Oil prices were sharply higher on Monday despite major cities across the world announcing changes to their travel guidelines and coronavirus disease (Covid-19)-related protocols amid an exponential surge in new coronavirus cases.
Tuesday's OPEC+ meeting remains in focus, with members expected to proceed with another modest monthly hike of 400,000 barrels a day in February, as worries continue to grow over demand amid rising Covid-19 infections worldwide.
Benchmark Brent crude futures jumped 99 cents, or 1.3 percent, to $78.77 a barrel while U.S. West Texas Intermediate crude futures were up 85 cents, or 1.1 percent, at $76.05.
Members of the OPEC group of oil producers and their allies will meet via videoconference on Tuesday to determine production levels for February.
Ahead of the meeting, Libya's state oil firm said the country's oil output would drop by another 200,000 barrels per day for a week due to maintenance on a main pipeline between the Samah and Dahra fields.
Last year, oil prices rose around 50 percent as global economic recovered from the pandemic.
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