Tokyo, 10 March, /AJMEDIA
Oil prices rebounded on Thursday after the United Arab Emirates said it is committed to major producers’ pact to add 400,000 barrels per day of supply monthly, hours after UAE’s ambassador to Washington said his country favoured a bigger increase, AJMEDIA reports citing Reuters.
U.S. West Texas Intermediate (WTI) crude futures jumped more than $3 shortly after opening and were trading up $1.53, or 1.4%, at $110.23 at 2324 GMT. The contract had tumbled 12.5% in the previous session in the biggest daily decline since November.
UAE Energy Minister Suhail al-Mazrouei said on Twitter late on Wednesday his country is committed to the agreement by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, to ramp up oil supply gradually following sharp cuts in 2020.
“The UAE believes in the value OPEC+ brings to the oil market,” al-Mazrouei said.
