Oil prices have plunged by as much as 12%, to settle around $108 per barrel after rising to more than $130 earlier this week. The drop came after US Secretary of State Antony Blinken announced that the United Arab Emirates and Iraq have agreed to increase oil production. Washington has been calling on major oil exporters to raise output to rein in rising prices and make up for a fall in global supplies following its ban on Russian exports of fossil fuels.

For more on the topic, we were joined by AvaTrade Chief Market Analyst, Naeem Aslam.

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