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

On the sidelines of Atlantic Council's Global Energy Forum in Abu Dhabi over the weekend, UAE Energy Minister Suhail al-Mazrouei said that the oil market is ‘stable’ at the moment, unperturbed by the price caps on Russian crude oil."The market is a bit stable, and we think the decisions we took have been a good decision and an indication of the stabilization that we are seeing.”

“No comments on how Russian oil volumes going forward would be affected by the price cap and sanctions.”is unable to take advantage of the encouraging comments, trading 0.45% lower at around $79.80. The US oil hit an intraday high of $80.43, earlier on. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

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