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 percent.
Brent crude rose $1.16, or 1.3 percent, to $88.61 by 1142 GMT. U.S. West Texas Intermediate (WTI) crude was up $1.00, or 1.3 percent, at $81.04.
“Crude oil prices are trying to recover their losses,” said Avatrade analyst Naeem Aslam. “That Saudi Arabia has denied there was any discussion about an increase in oil supply with OPEC and its allies has supported the market today.”…