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Commodity wrap: Oil slips on UAE OPEC exit; gold at 3-week low
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Commodity wrap: Oil slips on UAE OPEC exit; gold at 3-week low
Gold slumped to a three-week low on Tuesday as energy prices climbed due to stalled negotiations between the US and Iran. Meanwhile, crude oil rose sharply as the Strait of Hormuz remained shut, thereby affecting the free flow of shipments. However, oil prices trimmed some gains as the United Arab Emirates announced that it will leave the Organization of the Petroleum Exporting Countries from May 1. Investors are assessing the demand outlook for…
The UAE announced its withdrawal from OPEC after expressing dissatisfaction with member states' refusal to assist in dealing with Iran, effective May 1.
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