Oil Rises Above $78 on Optimism About 2022 Outlook

Oil Rises Above $78 on Optimism About 2022 Outlook
Oil storage containers are seen, amid the coronavirus disease (COVID-19) pandemic, in Los Angeles, Calif., on April 7, 2021. Lucy Nicholson/Reuters
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LONDON—Oil rose above $78 a barrel on Monday, supported by tight supply and hopes of a further demand recovery in 2022.

OPEC and its allies, or OPEC+, are expected on Tuesday to agree to the output hike. The Omicron coronavirus variant has brought record case counts and dampened New Year festivities worldwide, with more than 4,000 flights canceled on Sunday.