Friday, February 23, 2024
HomeBusinessOil rises after Saudis deny report of OPEC+ supply increase By Reuters

Oil rises after Saudis deny report of OPEC+ supply increase By Reuters

Date:

Related stories

Do Landlords Need Contents Insurance? Covering Your Assets as a Property Owner

When it comes to renting out property, landlords need...

Why You May Need Emergency Micro-Welding

Technology keeps revolutionizing the welding sector and many processes...

How industries can use biometrics to evolve

Biometric technologies have garnered a lot of interest across...

Ensuring Data Sovereignty with High-Speed File Transfer Protocols

In the digital age, the sovereignty of data—its storage,...

14 Tips to Identify and Hire Top .NET Talent

In the sphere of software development that is extremely...


© Reuters. FILE PHOTO: Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian

By Laura Sanicola

(Reuters) – Oil prices rose slightly in early Asian trade on Tuesday, a day after Saudi Arabia denied a media report that it was discussing an increase in oil supply with OPEC and its allies.

futures rose 17 cents, or 0.2%, to $87.62 by 0007 GMT. U.S. West Texas Intermediate (WTI) crude futures for January began trading Tuesday, rising 7 cents, or 0.1%, to $80.11 a barrel.

Both benchmarks had plunged by more than $5 a barrel in the previous session after the Wall Street Journal (WSJ) reported an increase of up to 500,000 barrels per day will be considered at the OPEC+ meeting on Dec. 4.

Prices rebounded quickly in full after Saudi Arabian energy minister Prince Abdulaziz bin Salman said the kingdom is sticking with output cuts and not discussing a potential oil output increase with other OPEC oil producers, state news agency SPA reported, denying the WSJ report.

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) recently cut production targets and the energy minister of de facto leader Saudi Arabia was quoted this month as saying the group will remain cautious on oil production because of uncertainty about the global economy.

The front-month Brent crude futures spread narrowed sharply last week, while WTI flipped into contango, reflecting easing supply concerns.

Rising COVID-19 cases in China capped market gains as the country battles outbreaks nationwide that are nearing April peaks.



Source link

Bellie Brown
Bellie Brownhttps://businesstimes.org
Hi my lovely readers, I am Bellie brown editor and writer of Businesstimes.org. I write blogs on various niches such as business, technology, lifestyle., health, entertainment, etc as well as manage the daily reports of the website. I am very addicted to my work which makes me keen on reading and writing on the very latest and trending topics. One can check my more writings by visiting Cleartips.net

Latest stories