Oil prices driven by supply and demand: UAE

A senior UAE official said on Tuesday that oil prices were driven by markets after U.S. President Donald Trump earlier rebuked OPEC and high oil prices.

"At the end of the day we all know that oil prices are driven by markets, by supply and demand," said Anwar Gargash, UAE Minister of State for Foreign Affairs.

"These are not things that can be manipulated by a decision here or there and god knows in the past OPEC had tried to lift the prices up by deliberation. It depends on inventories, the expectation for growth," said Gargash, whose country is an OPEC member.