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Oil Edges Lower in Volatile Session Amid OPEC-Headline Turmoil

  • Brent pares losses after Saudis deny report of output hike
  • Crude still weighed down by China’s struggle to contain Covid
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Oil emerged from a volatile session largely unchanged after Saudi Arabia denied a report that it was discussing an oil-production increase.

Brent and WTI settled little changed after swinging in a $5 range on Monday. The global benchmark’s prompt spread briefly dipped into contango after the Wall Street Journal reported that OPEC+ is considering an output hike of 500,000 barrels a day. Saudi Arabia denied the report, adding the “current cut of 2 million barrels per day by OPEC+ continues until the end of 2023.” The UAE also said it has not discussed changing the bloc’s last agreement.