Oil prices drop after Saudi Arabia and UAE reach output compromise

Under the compromise with Saudi Arabia, the UAE's baseline production will rise to 3.65 million barrels per day after the current pact expires in April 2022

Oil prices dropped on Wednesday after Reuters reported that Saudi Arabia and the United Arab Emirates had reached a compromise over a global supply deal that will allow the UAE to boost its output.

The deal between the two Gulf producers means that members of the Petroleum Exporting Countries (OPEC), Russia and other producers, a group known as OPEC+, will be able to extend a deal to curb output until the end of 2022, the sources said.

Brent crude was down 57 cents, or 0.75%, at $75.92 a barrel by 1120 GMT after dropping by over $1 earlier. West Texas Intermediate