UAE Energy Minister Suhail Mohamed Al Mazrouei said on Tuesday that the oil market is balanced.

There is “no need to pump more,” he added.

The OPEC and its allies (OPEC+) last Thursday agreed to extend the small production increase for June amid persistent concerns over weaker Chinese demand.

The alliance agreed to raise production targets by 432,000 barrels per day for next month.

Market reaction

WTI was last seen trading at 101.57, up 0.18% on the day.

• WTI Price Analysis: Bears stretch 61.8% Fibo break towards $100.00