CFD News

WTI drops below $80 despite UAE Energy Minister’s upbeat oil market outlook

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On the sidelines of Atlantic Council’s Global Energy Forum in Abu Dhabi over the weekend, UAE Energy Minister Suhail al-Mazrouei stated that the oil market is ‘stable’ at the moment, unperturbed through the charge caps on Russian crude oil.

Key quotes
“The market is a bit stable, and we suppose the selections we took have been a appropriate selection and an indication of the stabilization that we are seeing.”

“Now with China opening, optimistically we will see a pickup in demand and when we meet, we will analyze that as usual. We continually take the choice that serves the balancing of the market.”

“No remarks on how Russian oil volumes going ahead would be affected with the aid of the rate cap and sanctions.”

These elements are exterior and “outside our control.”

Market reaction
WTI is unable to take benefit of the encouraging comments, buying and selling 0.45% decrease at round $79.80. The US oil hit an intraday excessive of $80.43, formerly on.

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