WTI licks wounds around $84 mark on UAE comments, USD rebound

UAE Energy Minister Suhail Mohamed AlMazrouei said on Tuesday that “our commitment to increasing our production capacity is there.”

Additional comments

“We renew our confidence in OPEC+ with the output cut decision and we say that this was a correct decision.”

“There is nothing political about any decision we take in OPEC.”

“The decision we took made prices stabilize rather than just increase.”

“We are investing to increase production capacity to 5 mln bpd by 2030.”

Market reaction

WTI is consolidating its latest upswing at around the $84 mark, as bears keep cheering the latest comments by the UAE Energy Minister. The US oil failed to sustain yet another attempt aboive the $85 threshold amid a renewed buying interest seen in the dollar, despite a risk-on market environment.