Samson » November 22nd, 2022
Oil prices rise after the denial of OPEC oversupply
22nd November, 2022
Oil prices rose in early Asian trading today, Tuesday, a day after Saudi Arabia, a key member of OPEC, denied increasing oil supply
Brent crude futures rose 52 cents, or 0.59%, to $87.97 by 04:07 GMT. Meanwhile, US West Texas Intermediate (WTI) crude futures rose by 28 cents, to $80.27 a barrel. Both benchmarks fell more than $5 a barrel in the previous session after some media outlets reported that an increase of up to 500,000 barrels per day would be considered at the OPEC+ meeting on December 4
Prices rebounded quickly in full after Saudi Energy Minister Prince Abdulaziz bin Salman said the kingdom was committed to production cuts and was not discussing a potential increase in oil production with other OPEC oil producers
The Organization of the Petroleum Exporting Countries (OPEC+) and its allies (OPEC+) recently cut production targets and Saudi Arabia’s energy minister was quoted as saying this month that the cartel would remain cautious about oil production due to uncertainty about the global economy
Capping market gains was rising COVID-19 cases in China as the country grapples with a nationwide outbreak of the disease that is nearing its peak in April LINK
Source: Dinar Recaps
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