Surprise oil price increase by United Arab Emirates
A month-old price freeze on oil may be in danger following a price increase of $2 a barrel by the United Arab Emirates, oil analysts said. The unexpected increase by this major producer could trigger price leapfrogging by other members of the Organization of Petroleum Exporting Countries. It will lift Emirates prices to between $32.75 and $33.56 a barrel. Some analysts said the timing of the move could indicate that Saudi Arabia may raise its price to $32 in a bid to rescue OPEC pricing unity.