The prices of oil declined in nearly two years after the United Arab Emirates, stated that it supported pumping more oil into the market as prices rose to multiyear highs.
The global benchmark, the Brent crude futures closed the day bearish by 13.2%, ending Wednesday’s trading session at $111.14 a barrel, their biggest one-day decline since April 21, 2020.
The United States benchmark, the West Texas Intermediate, WTI, crude futures ended bearish by 12.5%, ending Wednesday’s trading at $108.70 a barrel, the benchmarks biggest daily decline since November.