UAE's oil minister with some comments on the oil market
- Oil demand growth was surprising in the last year
- Expects strong compliance on productions cuts for the year
- Oil market is rebalancing and positive sentiment was to be expected
- Oil market is moving more towards being driven by fundamentals than speculation
- Expects 2018 to be the year where the oil market achieves full balance
- Not worried that oil market will have big supply shortage
Ah, the usual "when prices go up, it's fundamentals" and "when prices go down, it's speculation" talk.
Oil prices have started 2018 rather well with brent crude now trading at $69.12 and WTI crude at $63.51 - up 3.36% and 5.08% on the year respectively.