Brent oil is close to 88 dollars, after gaining 0.4%

Oil rose on Tuesday after top exporter Saudi Arabia said OPEC+ was maintaining output cuts and could take further steps to balance the market, countering global recession fears and concerns over rising oil cases. Covid-19 in China.

The state news agency SPA also quoted Saudi Energy Minister Prince Abdulaziz bin Salman on Monday as denying a Wall Street Journal report that OPEC was considering increasing production, sending prices tumbling further. of 5 percent.

At 09:15 GMT, crude Brent was up 37 cents0.4%, at $87.82 a barrel, and West Texas Intermediate in the United States (WTI) earned 46 cents0.6%, at $80.50.

“Crude prices are trying to recoup their losses,” said Naeem Aslam, an analyst at Avatrade. “The fact that Saudi Arabia has denied that there has been any discussion of an oil supply increase with OPEC and its allies has supported the market today.”

The United Arab Emirates, another big OPEC producer, denied that talks were underway to change the latest OPEC+ deal, while Kuwait said there was no talk of increased output.

OPEC, Russia and other allies, a group known as OPEC+, will meet on December 4, a day before the start of European and G7 measures in retaliation for Russia’s invasion of Ukraine, which could support the market.

A European Union ban on imports of Russian crude will begin on December 5, as well as a G7 plan that will allow shipping service providers to help export Russian oil, but only at forced low prices.

Concern about the demand for oil given the rises in interest rates by the Federal Reserve and the strict confinement policies due to Covid-19 in China limited the rises in the day.