The United Arab Emirates (UAE) Energy Minister Suhail al-Mazrouei said on Monday that there is no risk of demand destruction with the current prices, per Energy Intelligence.

Market reaction

WTI is recovering some lost ground on the above comments, despite the renewed upside in the US dollar vs. its main peers.

At the time of writing, the US oil is down 0.60% on a daily basis, trading at $79.30.