Oil experienced wild price swings shortly after 12:00 pm BST. News hit the market saying that the United Arab Emirates and Saudi Arabia have reached an agreement on baseline production levels for the UAE. A new baseline production for the United Arab Emirates that will be used in future oil deals was increased to 3.65 million barrels. It is also rumored that as the stand-off between Saudi Arabia and the United Arab Emirates was resolved, OPEC+ will schedule a meeting soon.
Oil prices moved higher in a knee-jerk move. However, a strong downward move followed and pushed WTI price towards $74 per barrel while Brent price hit a low of $75.30. Nevertheless, bulls started to regain control and after 15 minutes of wild swings, oil traded more or less in the same place as it traded before the news arrived.
Oil experienced wild price swing on the back of Saudi Arabia-UAE deal rumours. Source: xStation5
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