HOUSTON (Reuters) - 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.
U.S. oil prices CLc1 slid more than 5 percent on Wednesday to the lowest since December, after U.S 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.
Reporting by Marianna Parraga and Liz Hampton; Writing by Simon Webb; Editing by David Gregorio