Newstrail.com

Oil rises as OPEC+ focus on supply cuts outweighs recession concerns

Published by
Reuters UK

By Stephanie Kelly NEW YORK (Reuters) -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 the Organization of the Petroleum Exporting Countries was considering boosting output and sent prices plunging by more than 5%. Brent crude rose $1.56, or 1.8%, to …

Read More