Oil rises after Saudis deny report of Opec+ supply increase

Oil prices rose slightly in early Asian trade on Tuesday, a day after Saudi Arabia denied a media report that it was discussing an increase in oil supply with the Organisation of Petroleum Exporting Countries (Opec) and its allies. Brent crude futures rose 17 cents, or 0.2 per cent, to $87.62 by 0007 GMT. US West Texas Intermediate (WTI) crude futures for January began trading Tuesday, rising seven cents, or 0.1pc, to $80.11 a barrel. Both benchmarks had plunged by more than $5 a barrel in the previous session after the Wall Street Journal (WSJ) reported an increase of up to 500,000 barrels per day will be considered at the Opec+ meeting on Dec 4. Prices rebounded quickly in full after Saudi Arabian energy minister Prince Abdulaziz bin Salman said the kingdom is sticking with output cuts and not discussing a potential oil output increase with other Opec oil producers, state news agency SPA reported, denying the WSJ report.