Still some oversupply in global oil market: UAE oil minister

The UAE oil minister Mohammed al-Hamli has said there was still some oversupply in the global oil market and that he was not concerned with prices hovering above $80, Reuters has reported. "Market forces are the reason for the rise we are seeing in the oil price ... we are not concerned about the price," Hamli told reporters on the sidelines of a meeting of Gulf oil ministers in Kuwait. The minister added that he was unconcerned at levels above $80, describing the market as "a bit oversupplied" right now.