Oil moved up and down on news of UAE-Saudi Arabia agreement
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.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile app
Oil experienced wild price swing on the back of Saudi Arabia-UAE deal rumours. Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
