Oil prices rose today (Thursday), following the United Arab Emirates confirmed its commitment to the “OPEC +” agreement to increase supplies per month by 400,000 barrels per day.
US West Texas Intermediate crude contracts rose more than $3 a barrel following the start of trading, as it was trading up $1.53 a barrel, or 1.4 percent, at $110.23 a barrel.
The US contract lost 12.5% in the previous session, its biggest daily drop since last November.
The UAE Energy Minister, Suhail Al Mazrouei, had confirmed that his country is committed to the OPEC + agreement and its current monthly production adjustment mechanism, indicating that it believes in the value that the OPEC + group provides to the oil markets.
