Saudi Energy Minister: Oil markets are driven by negative sentiments

Eren Sengezer FXStreet

Saudi Energy Minister crossed the wires in the last minutes arguing that oil markets are driven by negative market sentiment but added that he doesn't believe that it's impacting the oil demand growth.

"People are speculating about global recession but there is no recession today," he added.

These comments had little to no impact on crude oil prices. As of writing, the barrel of West Texas Intermediate was trading at $56.90, adding 0.5% on a daily basis while the barrel of Brent was up 0.3% on the day at $61.85.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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