By Gina Lee

Investing.com – Oil was up on Tuesday morning in Asia, but moves were small ahead of a to discuss plans to add supply in February 2022. The outlook for fuel demand remains positive despite the fact that the increasing number of COVID-19-related cases around the world has not prompted tightened restrictions in some of the largest fuel-consuming nations.

By 10:49PM ET (5:00 AM GMT), they were up 0.299% to $79.21 and up 0.222% at $76.25. WTI and Brent futures rose more than 1% Monday.

Later in the day, the Organization of the Petroleum Exporting Countries, and its allies (called OPEC+), will meet. A meeting of the Joint Ministerial Monitoring Committee at 1200 GMT will be followed by an hour-long ministerial session.

According to Reuters, the cartel will likely stick with its February plan of increasing output by 400,000 barrels/day in February. This is similar to what it did each month since August 2021.

OPEC+ is unlikely to change course given the current price outlook, pressure from U.S. President Joe Biden’s administration to boost supply, and no major new COVID-19 mobility curbs, RCB analysts said in a note.

“Although the COVID-19 omicron variant is still being spread across key geographic areas, it will be difficult to keep short-term demand concerns under control if there are not widespread lockdown restrictions.”

If tensions over Ukraine between Russia and Western powers flare up, then the cartel might be forced to change positions. Progress in nuclear talks between Iran and major powers progress, leading to an end to oil sanctions on Iran, could also alter OPEC+’s plans.

According to the RBC, “We consider these two events major wildcards which could rapidly alter the price trajectory”

Investors will also be waiting on, which is expected later in the morning.