Oil price up as UAE denies it wants to leave Opec

A media report that the United Arab Emirates had held internal debates on leaving Opec was "far from the truth", according to a source.

Prices had dropped by more than $2 per barrel after a report that the United Arab Emirates were considering pumping more oil. Picture: David Evans

Crude oil prices rose by about 1%, recovering from an earlier slump after Reuters reported that the United Arab Emirates is not planning an exit from the Organisation of Petroleum Exporting Countries (Opec). 

Brent crude prices rose to $85.47 a barrel. Prices had dropped by more than $2 per barrel after a media report that the United Arab Emirates had held internal debates on leaving Opec and pumping more oil. A source with direct knowledge said that the report is "far from the truth".