By Noah Browning

LONDON (Reuters] -Oil prices declined on Thursday, as OPEC+ remained true to its policy to incrementally increase production. This is despite the Omicron Coronavirus variant causing turmoil in markets and threatening to reduce fuel demand.

The futures prices were 1.7% lower at $67.66/barrel by 1430 GMT. U.S. West Texas Intermediate(WTI) crude oil futures decreased 1.8% to $64.33.

Oil prices worldwide have fallen more than $10/barrel since Thursday when Omicron’s news first shocked investors.

On Thursday, the Organization of the Petroleum Exporting Countries, (OPEC), and its allies were known collectively as OPEC+. They decided that January would see more oil on the market, consistent with the past months.

In August, the group increased its global output by 400,000 barrels per month (bpd) and gradually reduced record reductions agreed upon in 2020.

Since the United States reported the first Omicron-related case, there have been fears over its impact.

David Turk, U.S. Deputy Secretary of Energy, stated that President Joe Biden may adjust the time of planned releases of strategic crude oils stockpiles in case of a drop in global energy prices.

The market also was affected by weekly U.S. inventory data, which showed that stock fell less than anticipated last week and gasoline and distillate inventories increased more than expected. Demand, however decreased. [EIA/S]