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Oil prices rebounded after an early plunge when Saudi Arabia denied a Wall Street Journal report of a potential OPEC+ output increase. Saudi Energy Minister Prince Abdulaziz bin Salman said the kingdom is sticking with output cuts and is not discussing an increase with other producers.
The denial removes the expectation of extra supply, which supports crude prices. The move is a routine price reaction with no new supply change.
reuters.comLaila KearneyNov 21, 2022Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
