UAE says impact of China virus on oil demand should not be "exaggerated"

The United Arab Emirates' Minister of Energy said on Monday the oil market should not overreact to the possible impact of an outbreak of coronavirus in China on demand.

Suhail al-Mazrouei said he was confident in the ability of China and the international community to bring the current outbreak under control.

"It is important that we do not exaggerate projections related to future decreases in oil demand due to events in China, and the market does not over-react based on psychological factors, driven by some traders in the market," he said in a statement.