Crude oil futures settled higher on Tuesday after the Organization of the Petroleum Exporting Countries (OPEC) and its allies announced they would stick to their plan to raise monthly crude production by 400,000 barrels per day in February. The OPEC and its allies took the expected decision following a meeting. The group's next meeting will take place on February 2nd. Further, Oil prices were also up owing to easing concerns about the outlook for energy demand after studies showed the new Omicron variant causes milder symptoms.
Benchmark crude oil futures for February delivery gained $0.91 or 1.2 percent to settle at $76.99 a barrel on the New York Mercantile Exchange. Brent crude for March delivery rose $0.89 or 1.1 percent to settle at $79.87 a barrel on London's Intercontinental Exchange.