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Forecast for WTI. Oil price may continue to rise as UAE plans to leave OPEC on May 1
The UAE are set to leave
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The UAE are set to leave OPEC on May 1, a move that would be a major blow to the oil producing cartel. Meanwhile, the US is stepping up pressure on Iran, targeting Chinese refineries and countries that pay transit fees. West Texas Intermediate (WTI) crude has again broken the psychological $100/bbl level amid fundamental drivers. Reports that the US is prepared to extend its blockade of Iran are exacerbating supply problems in the Middle East. According to a Wall Street Journal
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