Oil prices dive as UAE supports production hike

Oil prices have plunged after the United Arab Emirates said it supported increasing production. Brent crude, an international benchmark, fell more than 17% at one point after the statement by the UAE, a member of the powerful oil cartel Opec.

Oil prices have jumped more than 30% since 24 Feb, touching $139 (£105) at one point this week before falling back. Oil prices settled down about 12%, at about $112 a barrel.

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