What's Going On With Oil Today?

Oil prices continued to rise on Tuesday, with crude futures gaining 1.34%. The move comes after Saudi Arabia's Energy Minister on Monday denied reports suggesting Saudi Arabia and other OPEC members were considering an output hike of 500,000 barrels per day.

Saudi Arabia's denial of an output increase overshadowed demand concerns on Tuesday, which have come amid rising COVID-19 cases in China.

Strength in oil prices has lifted several stocks in the sector. At the time of publication:

• BP BP was up 5%
• Marathon Petroleum MPC was up 5.06%
• Equinor EQNR was up 4.81%

Photo via Wikimedia Commons