Oil Price Rises again, after the sharp fall on Wednesday
The price of crude oil that fell almost by 11% on Wednesday appears to be gaining momentum again in the upward direction. As of 14:45 GMT, the price of WTI and Brent were $109.68 and $112.89 respectively. The price of crude oil that went past $130 on Wednesday, fell sharply in the evening, partly, in hope that the OPEC+, led by the UAE and Saudi Arabia, would step in to stabilize the market. The precipitous fall that stemmed from the false dawn has been attributed to a statement by the Ambassador of the UAE to the US: "We favour production increases and will be encouraging the OPEC+ to consider higher production levels," said he in it that took the crude the oil markets by surprise. Up until then, the position of the analysts in the oil and gas realm was that the OPEC+ was not going to do the US bidding - or that of President Biden, for that matter - in order to tackle the energy prices that go through the roof at the moment. There were even press reports that both the Crown