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Thursday, March 9, 2017

Oil price fall temporary, US inventories 'a worry': UAE

US oil prices slid more than 5 percent on Wednesday to the lowest since December, after US government data showed record inventories climbed 8.2 million barrels last week.

The sharp fall in oil prices on Wednesday is temporary and the price should go up if the world's top producers stick to their agreement to curb output, the energy minister for the United Arab Emirates said.

US oil prices slid more than 5 percent on Wednesday to the lowest since December, after US government data showed record inventories climbed 8.2 million barrels last week.

"I think this is a temporary thing. The market will continue to go up as we hold to the agreement," Suhail bin Mohammed al-Mazrouei told Reuters on the sidelines of an industry conference in Houston. The rise in inventories was "a worry", he added.
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