Oil rises by $1 per bbl after denial of reported UAE plan to exit OPEC

Oil rises by $1 per bbl after denial of reported UAE plan to exit OPEC

Brent futures were on track for their second biggest weekly percentage gains this year, WTI for its third largest, after strong Chinese economic data fed hopes for oil demand growth.











Reuters









March 04, 2023 / 08:29 AM IST





A truck driver stands on a truck near an oil refinery, operated by Bharat Petroleum Corp. Ltd., in Mumbai, India, on Saturday, Dec. 10, 2022. A senior official at India's oil ministry told reporters this month India has been buying oil from about 30 countries, and will continue to buy from anywhere including Russia beyond January. Photographer: Dhiraj Singh/Bloomberg



Oil prices rose by more than $1 a barrel on Friday, recovering from an early slump after Reuters reported that the United Arab Emirates is not planning an exit from the Organization of Petroleum Exporting Countries (OPEC).

Brent crude futures were up $1.01, or 1.2%, to $85.76 a barrel by 1:52 p.m. EST (1852 GMT). U.S. West Texas Intermediate (WTI) crude futures gained $1.38, or 1.8%, to $79.54.

Prices dropped early in the session by more than $2 per barrel after a media report said the UAE had held internal debates on leaving