Saudi Arabian Oil Minister Ali al- Naimi said demand for crude matches supply and the global market is stable.
“The market is functioning well,” Naimi told reporters in Cairo before a meeting tomorrow of the Organization of Arab Petroleum Exporting Countries. “Supply is adequate. Demand matches supply. If there is extra supply it is helping inventories.”
Oil in New York fell for the first time in six days on concern U.S. lawmakers will fail to reach a deal to avert a fiscal crisis, threatening the economy of the world’s biggest crude consumer.
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