UAE energy minister: Rise in oil prices caused by winter demand

Some comments on the oil market by the UAE energy minister — 12 January 2018

  • We can’t talk about the oil price before the market is balanced
  • The market is continuing to correct, there is a decline in inventories
  • There are many fundamentals working in the right direction
  • Remains optimistic that more countries will join the OPEC and non-OPEC production cut deal

More «fundamentals — and not speculation — is the reason driving higher oil prices» rhetoric from the man following yesterday’s comments here.
Brent crude has fallen off today, now at $69.04 after touching as high as $70 in the last 24 hours. Meanwhile, WTI crude has slipped a little to $63.42 as well after hitting $64 yesterday.
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