Saudi Arabia denies output hike talks
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LONDON, Nov 22 Reuters Oil rose on Tuesday after top exporter Saudi Arabia said OPEC was sticking with output cuts and could take further steps to balance the market, outweighing global recession worries and concern about China39;s rising COVID19 case numbers.

Saudi Arabian Energy Minister Prince Abdulaziz bin Salman on Monday was also quoted by state news agency SPA as denying a Wall Street Journal report that said OPEC was considering boosting output and sent prices plunging by more than 5.

Brent crude rose 37 cents, or 0.4, to 87.82 by 0915 GMT. U.S. West Texas Intermediate WTI crude was up 46 cents, or 0.6, at 80.50.

Crude oil prices are trying to recover their losses, said Avatrade analyst Naeem Aslam. That Saudi Arabia has denied there was any discussion about an increase in oil supply with OPEC and its allies has supported the market today.

The United Arab Emirates, Another big OPEC producer, denied it was holding talks on changing the latest OPEC agreement, while Kuwait said there were no talks on an output hike.

OPEC, Russia and other allies, known as OPEC, meet on Dec. 4, a day before the start of European and G7 measures in retaliation for Russia39;s invasion of Ukraine, which could support the market.

On Dec. 5. a European Union ban on Russian crude imports is set to start, as is a G7 plan that will allow shipping services…