Oil prices ease after strong rally; Markets absorb UAE shift as supply outlook holds steady

Oil prices edged lower Wednesday, April 29, 2026, taking a breather after a seven-session rally as traders assessed the United Arab Emirates’ decision to exit OPEC. Brent crude futures for June dipped 1% to $111.25 a barrel by 0413 GMT. The June contract expires Thursday, April 30, while the more active July contract traded down 28 cents at $104.12.

The market remains resilient despite the UAE news, with analysts noting that underlying supply concerns tied to the stalemated Iran conflict continue to provide a floor. After a strong run-up, Wednesday’s modest pullback reflects profit-taking and a recalibration rather than a shift in fundamentals. Demand signals stay firm heading into the summer months, and traders are watching for how OPEC’s remaining members respond to the UAE’s move.

The pause comes after Brent’s longest winning streak in weeks, underscoring sustained confidence in the energy outlook.