WTI: Buyers defend $83 amid mixed oil headlines and USD strength

Dhwani Mehta FXStreet

Saudi Energy Minister Abdulaziz bin Salman Al Saud said on Friday that OPEC+ is doing the right job for a stable energy market.

Meanwhile, an Iranian official said urged the US to “lift sanctions on Iran, if you want to reduce the price of oil.”

He added that “you cannot solve the problem by threatening one country.”

Separately, industry players and a US official told Reuters that Russia could skirt the new G7 price cap on its oil exports, Moscow has access to enough tankers to ship most of its oil to make the price cap ineffective.

Market reaction

WTI is licking its wounds near $83.35, at the time of writing, having hit a daily low at $82.96 earlier on. The US oil suffers from broad risk aversion and notable US dollar demand, as Treasury yields keep their relentless rise intact. Mixed oil headlines fail to have any impact on the black gold so far this Friday.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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