Oil Prices Reacted To The UAE's Withdrawal From OPEC

And let's go downstairs.

Global oil prices fell after a multi-day rise as investors took a positive view of the fallout from the UAE's surprise decision to withdraw from OPEC.

This was reported by Reuters.

So Brent crude futures for delivery in June fell 1 cent to $111.25 a barrel, after rising over the previous seven sessions. The June contract expires on Thursday, while the more-active July contract fell 28 cents to $104.12.

The slight decline on Wednesday may be partly due to the UAE's surprise decision to withdraw from OPEC, said Anh Pham, senior analyst at LSEG, as it points to stronger supply prospects when the country is freed from the group's production quotas.

"However, this effect is not immediate as additional barrels may not be available soon due to the ongoing blockade of the Strait of Hormuz If (U.S. President Donald - ed.) Trump is willing to continue the blockade, the supply disruptions will worsen further and continue to push up oil prices," said Yan An, an analyst at Haitong Futures.

According to experts, crude oil inventories fell by 1.79 million barrels over the week. Gasoline stocks fell by 8.47 million barrels and distillate stocks by 2.60 million barrels.

Reminder, yesterday, April 28, the UAE announced its withdrawal from OPEC and OPEC+ at the worst moment for the oil cartel - while the war with Iran paralyzes supplies through the Strait of Hormuz.

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