Oil Rises as Saudi Comments Outweigh Recession Concerns

Oil Rises as Saudi Comments Outweigh Recession Concerns
A worker collects a crude oil sample at an oil well operated by Venezuela's state oil company PDVSA in Morichal, Venezuela, on July 28, 2011. Carlos Garcia Rawlins/Reuters
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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.