UAE Minister of Energy Suhail Al Mazroui said on Tuesday 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,” Mr Al Mazroui told reporters in Vienna.
Oil ministers from Opec meet on Thursday in the Austrian capital.
Brent crude futures were trading at $49.29 per barrel this morning, down 60 cents, or 1.2 per cent, from their last settlement.
US crude futures were down 51 cents, or 1.04 per cent, at $48.59 a barrel.
Prices have risen more than 85 per cent since January.
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