US crude slides amid UAE oil minister remarks; notches monthly gain

U.S. oil closed lower on Tuesday, after UAE Oil Minister Suhail bin Mohammed al-Mazroui said he was happy with the oil market, noting that prices had been correcting higher.

“We are optimistic. We are seeing that the market is correcting upward,” Mazroui told reporters in Vienna.

Oil ministers from the Organization of the Petroleum Exporting Countries meet on Thursday in the Austrian capital.

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