Crude oil sinks on reports UAE could leave OPEC

According to the Wall Street Journal, the United Arab Emirates (UAE) is having an internal debate about leaving the Organization of the Petroleum Exporting Countries (OPEC). Crude oil prices are falling sharply.

UAE has been looking for OPEC+ to authorize an increase in its production. The report from the WSJ adds that UAE is clashing with Saudi Arabia over production levels and Yemen.

Market reaction

Following the report, WTI lost almost 3%. As of writing, it is moving off lows, trading back above 76.00$. Before the rebound, WTI hit three day lows near $75.75.