Oil prices fall most in 2 years as UAE supports output hike

Brent crude LCOc1 futures settled down US$16.84, or 13.2%, at $111.14 a barrel, their biggest one-day decline since April 21, 2020. U.S. crude CLc1 futures ended down $15.44, or 12.5%, at $108.70, their biggest daily decline since November.

BENGALURU: Global oil prices fell on Wednesday by the most in nearly two years after OPEC member the United Arab Emirates said it supported pumping more oilinto a market roiled by supply disruptions due to sanctions on Russia after it invaded Ukraine.

Brent crude LCOc1 futures settled down US$16.84, or 13.2%, at $111.14 a barrel, their biggest one-day decline since April 21, 2020. U.S. crude CLc1 futures ended down $15.44, or 12.5%, at $108.70, their biggest daily decline since November.