Oil slide more than 10% after UAE support output hikes

International benchmarks for crude oil nosedived on Wednesday, 10 March 2022 after the United Arab Emirates called on other OPEC+ members to increase production outputs faster while Ukraine said it is ready to consider some compromises to resolve the war with Russia. 

Brent fell $16.84 or 13.2% to settle at $111.14/barrel. 

WTI slid $15.44 or 12.5% to close at $108.70/barrel.