The oil continues its volatile course before the meeting, where OPEC+ will decide on the production increase.
Oil retraced some of its losses after falling more than 6 percent on concerns that the Omicron variant would cause further shutdowns and restrictions. In the light of these developments, OPEC+, which will meet during the day, will determine the supply policy for January.
The general expectation of the investors is that the group will avoid the decision to increase the supply due to the oil prices already in the bear market, as the Omicron variant threatens the demand. West Texas Oil rallied above $66 after briefly falling in Asian markets. Oil had fallen more than 20 percent at the end of last October, driven by the impact of the new variant and coordinated reserve sales led by the White House.
With the increasingly hawkish tone of the Fed putting pressure on the growth figures of the US economy, the question of whether existing drugs and vaccines will work against Omicron is becoming increasingly important.
West Texas Oil for January delivery fell 1.4 percent to $66.47 on the Nymex market. Brent Oil for January delivery fell 1.4 percent to $69.80 on the London ICE Futures Europe market.