Crude oil futures ended higher on Thursday on growing concerns over energy demand from the emergence of the omicron variant of coronavirus. The new omicron variant of COVID-19 could cost the global oil market as much as 2.9 million barrels per day (bpd) of demand in the first quarter of 2022, bringing total expected demand down from 98.6 million bpd to 95.7 million bpd, if it triggers more lockdowns or restriction. Meanwhile, a group of major oil producers decided to rollover their existing production policy and boost output at the start of next year. The Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, decided to rollover their current policy and raise monthly overall production by 400,000 barrels per day in January.
Benchmark crude oil futures for January delivery rose 93 cents or 1.4 percent to settle at $66.50 a barrel on the New York Mercantile Exchange. Brent crude for February delivery rose 80 cents or 1.2 percent to settle at $69.67 a barrel on London's Intercontinental Exchange.