Oil prices are recovering from the firm decline registered on Thursday and Friday. Crude briefly touched $94 before selling off nearly 4.5%. Energy mi
nisters and the Oil industry are gathering for the biggest energy conference in the Middle East, which could become a key catalyst for Oil prices throughout the week.
In the wake of the start of the Adipec Summit, the United Arab Emirates energy minister Suhail al Mazrouei said that OPEC+ has the right policy in place to deal with current market conditions. Eni, the Italian energy company, and its CEO Claudio Descalzi said in a Bloomberg interview that more OPEC+ production cuts are highly unlikely and that the worst is over. Oil prices are recovering after the firm price decline recorded on Thursday and Friday. The fact that the sell-off gets halted that quickly means that traders and market participants are still buying the dip. This should see Crude pushing back up to $94 soon.
On the downside, a new floor is formed near $88 with the high of September 5 and 11 underpinning the current price action. Proof of this already exists with the dip of September 13 and September 21, which reversed ahead of $88. Should $88 break , the peak of August 10 needs to be enough to catch the dip near $84.20. WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude.
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