The WTI variety barrel rose 1.4% and traded at $81.20; while the Brent rate gained 1.2% and settled at $88.50, according to figures provided by the New York Mercantile Exchange (NYMEX).
The versions emerged from the financial newspaper The Wall Street Journal causing prices to drop sharply.
The market operated in the same vein until the first reports arrived from Riyadh, where Saudi Arabia denied that the OPEC+ countries are considering an increase in production of 500,000 barrels per day. Crude also moved lower after more than 27,000 new Covid cases were reported in China, forcing the Asian authorities to have new lockdowns.
This Tuesday, the Saudi Energy Minister and Crown Prince, Abdulaziz bin Salmán, denied the veracity of the journalistic report, causing the downward trend of the day to reverse and the price of oil began to change trend, recovering the level of the 80 dollars. OPEC+ must decide the new production levels for 2023 when the members of the cartel meet on December 4.
Analysts believe that Oil is having marked ups and downs and is torn between a drop in demand in China due to the Covid outbreak and fears of a global recessive cycle and the OPEC+ policy of maintaining a tight supply.
Elsewhere, natural gas futures contracts for January rose 1.9% and traded at $6.91 per million BTU. Finally, gold rose slightly 0.1% and closed at $1,756 per ounce.
Source: Ambito
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