KONTAN.CO.ID - LONDON. Oil rose on Tuesday after top exporter Saudi Arabia said OPEC+ was sticking with output cuts and could take further steps to balance the market, outweighing global recession worries and concern about China's rising COVID-19 case numbers. Saudi Arabian Energy Minister Prince Abdulaziz bin Salman on Monday was also quoted by state news agency SPA as denying a Wall Street Journal report that said OPEC was considering boosting output and sent prices plunging by more than 5%. Brent crude rose $1.16, or 1.3%, to $88.61 by 1142 GMT. U.S. West Texas Intermediate (WTI) crude was up $1.00, or 1.3%, at $81.04.
Oil Rises as Saudi Comments Outweigh Recession Concerns
KONTAN.CO.ID - LONDON. Oil rose on Tuesday after top exporter Saudi Arabia said OPEC+ was sticking with output cuts and could take further steps to balance the market, outweighing global recession worries and concern about China's rising COVID-19 case numbers. Saudi Arabian Energy Minister Prince Abdulaziz bin Salman on Monday was also quoted by state news agency SPA as denying a Wall Street Journal report that said OPEC was considering boosting output and sent prices plunging by more than 5%. Brent crude rose $1.16, or 1.3%, to $88.61 by 1142 GMT. U.S. West Texas Intermediate (WTI) crude was up $1.00, or 1.3%, at $81.04.