Oil prices increase on talk that Opec will keep cutting output

Opec+ meet on December 4, a day before the start of European and G7 measures in retaliation for Russia's invasion of Ukraine

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.

“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.” On December 5, an EU ban on Russian crude imports is set to start, as is a G7 plan that will allow shipping services providers to help to export Russian oil, but only at enforced low prices.

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