CERAWEEK Oil prices have not climbed enough to cause demand destruction, US Energy Secretary Chris Wright says

U.S. Energy Secretary Chris Wright said at CERAWeek in Houston that global oil prices 'have not climbed enough to cause demand destruction.' No price magnitudes were provided; the comment is a neutral-to-slightly supportive signal for near-term oil demand and is unlikely to materially move markets.

Analysis

U.S. Energy Secretary Chris Wright said at CERAWeek in Houston that global oil prices 'have not climbed enough to cause demand destruction.' No price magnitudes were provided; the comment is a neutral-to-slightly supportive signal for near-term oil demand and is unlikely to materially move markets.