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Reuters reports that the UAE's withdrawal from OPEC is widely seen as weakening the producer group and possibly triggering a race to boost output. The analysis suggests the move may not reduce crude prices as much as anticipated.
A looser OPEC could eventually add supply and pressure crude, which would lower energy input costs and weigh on biofuel-linked vegetable oil demand. The near-term price effect is uncertain given Hormuz disruption.
reuters.comClyde RussellMay 1, 2026After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
