Oil prices rose again after posting their biggest daily drop after the United Arab Emirates (UAE) said it would stick to its production commitment promised with OPEC+.
Earlier, there were reports that the UAE was ready to encourage other OPEC producers to increase oil production levels following the Ukraine-Russia crisis has pushed oil prices to record highs.
The report was among one of the reasons behind the fall in crude oil prices on Wednesday, in addition to Iraq’s statement stating its readiness to increase production if OPEC+ needed it.
However, the latest statement from the UAE Energy Minister stated otherwise, indicating that the country will continue to be committed to OPEC+ -set production.
This indirectly supports the black commodity trading to return to rising today.
During the European session, Brent crude futures rose nearly 3% at $ 115.30 a barrel, while US WTI trading added more than 1% to around $ 111.50 a barrel.
The United States has urged the world's major oil producers to increase their production levels after it blocked oil imports from Russia in return for invading Ukraine.
