Oil Slumps With OPEC+ and Ukraine Headlines Sparking Huge Swings
- Ukraine reiterates its willingness to compromise with Russia
- UAE says it will call on OPEC+ to boost oil output faster
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Crude futures sank as the United Arab Emirates called on OPEC+ to boost oil output faster while Ukrainian President Volodymyr Zelenskiy reiterated willingness to consider some compromises to end the war with Russia.
Brent dropped more than 17%, falling to nearly $105 a barrel, after a confluence of headlines sparked a risk-off sentiment throughout markets. The UAE said it will call on its fellow OPEC+ members to boost oil output faster. At the same time, Zelenskiy reiterated to Germany’s Bild newspaper it was ready to make compromises to end the war.