Pump jacks of Wintershall DEA are pictured in Emlichheim near the northern German city of Meppen, Germany, March 9, 2022. REUTERS/Fabian Bimmer
March 9, 2022
By Shariq Khan
BENGALURU (Reuters) -Oil prices plunged as much as 17% after media reports said OPEC producers United Arab Emirates and Iraq said they would support increased production, potentially offsetting some of the supply disruptions caused by sanctions on Russian oil after its invasion of Ukraine.
Brent crude fell more than 17%, or $22, to hit a session low at $105.60 during a sharp selloff. The benchmark crude recovered some losses by 1:03 p.m. EST (1803 GMT) to trade down $13.29, or 10.4%, at $114.69 a barrel. U.S. crude was down $12.01, or 9.7%, at $111.69.
Prices hit session lows after traders cited media reports of an Iraqi minister claiming the country is ready to hike production if OPEC+ requires it to….
