The Economic Times

Why are oil prices down now, and will Brent, US WTI crude futures continue to drop or rise again? Oil slips after UAE exits OPEC and Strait tensions continue

Why are oil prices down now, and will Brent, US WTI crude futures continue to drop or rise again? Oil prices eased after a long rally as markets reacted to the exit of OPEC by the United Arab Emirates. Supply risks remain due to the conflict involving Iran and the blockade of the Strait of Hormuz. Investors are now watching supply, inventories, and future geopolitical moves.