Oil prices advanced on Monday as investors are awaiting a key meeting of the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, Trend reports citing Xinhua.
The West Texas Intermediate (WTI) for February delivery added 87 cents, or 1.2 percent, to settle at 76.08 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for March delivery increased 1.2 dollars, or 1.5 percent, to close at 78.98 dollars a barrel on the London ICE Futures Exchange.
OPEC+ is set to meet on Tuesday via videoconference, where the oil alliance is expected to decide whether to continue increasing output in February.