oil futures settled higher on monday with major oil producers known as opec widely expected to stick to their plan to raise monthly crude production by 400000 barrels per day when they meet on tuesday though omicron cases continue to climb in key geographies the absence of widespread lockdown restrictions will likely keep near term oil demand concerns in check analysts at rbc capital markets led by helima croft wrote in a monday note february west texas intermediate crude clg22 rose 87 cents or 12 to settle at 7608 a barrel on the new york mercantile exchange