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.