Oil prices slumped on Friday after the Wall Street Journal reported that the United Arab Emirates had an internal debate about leaving OPEC and pumping more oil, but retraced some losses after a source told Reuters this was not true.
Brent crude futures were down 71 cents, or 0.8%, at $84.04 a barrel by 1456 GMT. U.S. West Texas Intermediate crude futures dipped 57 cents, or 0.7%, to $77.59. Both benchmarks had dropped more than $2 earlier.
A source with direct knowledge of the matter told Reuters the report that the United Arab Emirates is considering leaving the Organization of the Petroleum Exporting Countries is "far from the truth." Oil prices this week had been boosted by strong Chinese economic data, underpinning hopes for oil demand growth, but those gains were all but erased on Friday.
"The driver was the WSJ story, with concerns that this might impact the OPEC+ production deal. The UAE and Saudi Arabia are the two countries with significant spare capacity," said UBS analyst Giovanni Staunovo.
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