Crude settles at $72.20, down $1.17
Fears about the UAE breaking away from OPEC have weighed heavily on oil in the past two days after a remarkable run from $62.
Technically, the low today touched the 38.2% retracement of the move since May 21 so there's scope for bottom picking but the area around $69.70 to $70.50 is more enticing.
The UAE isn't making any friends in OPEC by knocking the price of oil down by 7-8%.
