Oil prices have plunged after the United Arab Emirates said it supported increasing production.
Brent crude futures settled down US$16.84, or 13.2 per cent, at US$111.14 a barrel, their biggest one-day decline since April 21, 2020. US crude futures ended down US$15.44, or 12.5 per cent, at US$108.70, their biggest daily decline since November.
The fall follows weeks of skyrocketing oil prices due to supply disruptions sparked.
The rising prices have put a financial squeeze on families around the world.
"We favour production increases and will be encouraging Opec to consider higher production levels," Ambassador Yousuf Al Otaiba said in a statement tweeted by the UAE Embassy in Washington.
The UAE and neighbour Saudi Arabia are among the few members of the Organization of the Petroleum Exporting Countries with spare capacity that could increase output.
Energy prices have been soaring for more than a year amid a rapid rebound in demand for oil, which had collapsed during the pandemic.
