Oil climbs as major producer UAE says it has no spare capacity
Oil prices rose about 1 per cent in early Asian trade on Tuesday after the United Arab Emirates’ energy minister said the nation is producing near capacity, countering expectations that it could help boost supply in a tight market.
The UAE and Saudi Arabia have been seen as the only two countries in the Organization of the Petroleum Exporting Countries (OPEC) with spare capacity available to make up for lost Russian supply and weak output from other member nations.
US West Texas Intermediate (WTI) crude futures climbed $1.07, or 1 per cent, to $110.64 a barrel at 0028 GMT, extending a 1.8 per cent gain in the previous session.
