Industrial facilities of PCK Raffinerie oil refinery are pictured in Schwedt/Oder, Germany, March 8, 2022. The company receives crude oil from Russia via the ‘Friendship’ pipeline. REUTERS/Hannibal Hanschke
March 10, 2022
By Shadia Nasralla
LONDON (Reuters) -Oil prices bounced on Thursday from a sharp drop in the previous session after the United Arab Emirates backtracked on statements saying that OPEC and its allies might increase output to help to plug the gap in exports from Russia.
In a volatile market, Brent crude futures were up $5.43, or 4.9%, at $116.57 a barrel by 1042 GMT after trading in an $8 range. The benchmark contract slumped 13% in the previous session in its biggest daily drop in percentage terms for about two years.
U.S. West Texas Intermediate (WTI) crude futures were up $4.49, or 4.1%, at $113.19 after trading in a $7 range. The contract had tumbled 12%…
