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Oil recovers after UAE says no plans to leave OPEC

The price of Brent crude oil fell after a report on tension in the oil cartel between the United Arab Emirates and Saudi Arabia.

Global oil prices fell but then bounced back on Friday after reports on tensions between the United Arab Emirates and Saudi Arabia in the Organization of the Petroleum Exporting Countries (OPEC). 

What happened: The Wall Street Journal reported Friday that the two Gulf allies are in disagreement about oil production. The UAE wants to pump more oil to boost its revenues, but Saudi Arabia has said no. The UAE was reported to be considering leaving OPEC as a result.

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