Oil prices collapsed after WSJ reports that the United Arab Emirates was to ask OPEC authorities to give the green light to increase oil production. That could mean more supply in the market and possible action from other large and flexible OPEC producers like Saudi Arabia and Iraq.
Additionally UAE are debating internally whether to leave OPEC, according to WSJ citing Sources, however
The downward movement was quite significant and oil fell nearly to $82 per barrel. To a large extent, these moves have been erased, but oil still trades nearly 1% lower on a daily basis. Currently, prices are trading around $84.00.
Source: xStation5
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