Skylar Williams
Nov 22, 2022 14:59
On Monday, Saudi Arabia denied media rumors that it was discussing increasing oil supplies with OPEC and its allies, boosting oil prices in early Asian trade on Tuesday.
Brent oil futures rose 0.2% to $87.62 at 00:07 GMT. Futures contracts for January WTI crude rose 7 cents, or 0.1%, to $80.11 a barrel.
Prices for both benchmarks plummeted more than $5 a barrel after the WSJ reported an increase of up to 500,000 barrels per day will be considered at the Dec. 4 OPEC+ meeting.
Prince Abdulaziz bin Salman, Saudi Arabia's energy minister, said official news agency SPA that the nation is sticking with output limitations and not discussing a hike with other OPEC oil producers.
OPEC+ just decreased its production objectives, and Saudi Arabia's energy minister said the organization will continue to pump oil with prudence owing to global economic uncertainties.
Last week, the front-month Brent crude futures spread shrank as the front-month WTI spread slipped into contango, alleviating supply anxieties.
Rising COVID- 19 cases in China have limited market gains as countrywide epidemics hit April peaks.
Nov 22, 2022 14:55
Nov 23, 2022 14:36