Oil prices edge up ahead of OPEC+ output policy meeting

Oil prices rose on Tuesday as investors embraced expectations that OPEC+ will add supply at a meeting today to show that fuel demand remains robust.

OPEC+ is likely to stick to its plan to increase output by 400,000 barrels per day in February, as it has done each month since August, sources told Reuters.

Meanwhile, Omicron weighs on global fuel demand levels, with nearly 4,000 flights canceled globally on Sunday.

"Though Omicron (COVID-19 variant) cases continue to climb in key geographies, the absence of widespread lockdown restrictions will likely keep near-term demand concerns in check," RBC analysts said in a note.

Brent crude futures gained 13 cents to $79.11 a barrel at 9.05 am Makkah time. US West Texas Intermediate (WTI) crude rose 11 cents to $76.19 a barrel.