UAE energy minister: Oil market is not over oversupplied

Compliance with the output cut in December improved for both Iraq and Nigeria, the energy minister of the United Arab Emirates said on Saturday, as reported by Reuters.

"Oil market is not oversupplied, I think the market is doing ok," the minister added and noted that he expects 2020 to be a good year for the economy.

Earlier in the week, crude oil prices shot higher amid escalating US-Iran conflict and the barrel of West Texas Intermediate rose to its highest level since April at $65.60. With the easing geopolitical tensions triggering an intense oil selloff in the second half of the week, the WTI settled at $59.04 and erased more than 6% for the week.