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The UAE sees gradual oil recovery in 2021, Energy Minister Suhail Al-Mazrouei said in a statement on Thursday.

Additional comments

“UAE hopes more producers join the OPEC and its allies (OPEC+).”

“Vaccinations to improve the economy and renew energy demand.”

Market reaction

WTI is unimpressed by the upbeat remarks from the UAE’s oil minister, battling $48.

The US oil posts small losses so far this Thursday, retreating from near mid-$48 levels.