Brent crude falls more than 3% ahead of OPEC+ meet

Oil drilling rigs

Oil prices declined on Tuesday, reversing gains from the previous session, after the World Health Organization (WHO) said that Omicron posed a very high risk of infection surges, and several countries stepped up travel curbs.

The international benchmark Brent crude was trading down 3.4% at $70.91 per barrel (bbl), at 9.09 am Makkah time.

WTI crude lost 2.9% to reach $67.90/bbl. The US benchmark grade has plunged 17% in November, so far, and is headed towards recording the largest monthly loss since March 2020.

On Monday, the WHO advised the 194 member states that any increase in infections could have serious consequences, but it ruled out linking any deaths so far to the new variant.

Meanwhile, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) are due to meet on Dec. 2, amid expectations that the group might suspend its plans to add 400,000 barrels per day of supplies in January.