December 1, 2022

Oil prices rose today, Tuesday, after Saudi Arabia reaffirmed the commitment of the OPEC+ group to cut production, as well as the ability to take additional steps to balance the market, despite fears of a global recession and concerns about rising oil prices . coronavirus infection in China.

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The Saudi Press Agency (SPA) quoted Energy Minister Prince Abdulaziz bin Salman yesterday Monday as denying the veracity of a Wall Street Journal report that indicated the Organization of the Petroleum Exporting Countries (OPEC) was considering boosting output. The report resulted in a price reduction of 5 percent.

Brent crude rose 97 cents, or 1.1 percent, to $88.42 by 1435 GMT, while West Texas Intermediate rose $1.19, or 1.5 percent, to $81. .23 dollars.

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