Oil prices fall the most in two years as the UAE supports increased production
Oil prices fell today by the most in nearly two years after the United Arab Emirates, a member of the Organization of Petroleum Exporting Countries, said it supported pumping more oil amid supply disruptions due to sanctions imposed on Russia after its invasion of Ukraine.
“We prefer to increase production and will encourage OPEC to consider higher production levels,” Ambassador Yousef Al-Otaiba said in a statement on Twitter from the UAE embassy in Washington. “At this moment of crisis we need more supplies, at the moment we are We need to increase oil and gas production to meet current demand.” Brent crude futures closed as low as $16.84, by 13.2%, to $111.14 a barrel, the largest daily decline since April 21, 2020, and US West Texas Intermediate crude futures closed $15.44 down by 12.5% to $108.70, the largest daily decline since November.
