Oil Prices Reverse Course After Saudi Arabia Denies Output Hike Rumors

Reports have emerged that Saudi Arabian officials are now denying news originating from the Wall Street Journal that OPEC is considering a 500,000 barrel-per-day oil production increase.  Earlier on Monday, the WSJ reported that OPEC+ was discussing a potential oil production increase, citing OPEC delegates. That news sent oil prices down by some 4% on the day.  Less than two hours later, Bloomberg reported that Saudi officials had denied they were considering a production hike. Twitter also lit up, with Energy Intel’s Amena Bakr…