Oil prices rose by more than $1 a barrel on Friday, recovering from an early slump after Reuters reported that the United Arab Emirates is not planning an exit from the Organization of Petroleum Exporting Countries (OPEC), Trend reports citing Reuters.
Brent crude futures were up $1.01, or 1.2%, to $85.76 a barrel by 1:52 p.m. EST (1852 GMT). U.S. West Texas Intermediate (WTI) crude futures gained $1.38, or 1.8%, to $79.54.
Prices dropped early in the session by more than $2 per barrel after a media report said the UAE had held internal debates on leaving OPEC and pumping more oil. Two sources with direct knowledge told Reuters the report was "far from the truth".
Brent futures were on track for their second biggest weekly percentage gains this year, WTI for its third largest, after strong Chinese economic data fed hopes for oil demand growth.
