UAE oil minister says market well supplied

he United Arab Emirates oil minister said on Thursday that the oil market was well supplied and that he was happy with current crude prices.

“The market is fairly well supplied…Our customers keep coming to us and asking for more,” Mohammed bin Dhaen al-Hamli told reporters on the sidelines of an energy conference in Dubai.

“We are happy with the price.”

Brent crude is trading around $106 per barrel.

Reuters, July 19, 2012