# Oil rebounds from early plunge after Saudis deny OPEC+ output report

> 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.

- Date: 2022-11-21 · published 2022-11-21T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/38587-oil-rebounds-from-early-plunge-after-saudis-deny-opec-output-report
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The denial removes the expectation of extra supply, which supports crude prices. The move is a routine price reaction with no new supply change.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-dips-near-2-month-lows-supply-concerns-ease-2022-11-21/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.