UAE oil minister does not see a reason for OPEC to meet so quickly

Comments from the UAE oil minister:

• Says does not see a reason for OPEC to meet so quickly
• Optimisitic price will stabilize at fair level for producers and customers
• Everyone is not happy with current prices but market will stabilize itself
• Not targeting a certain price
• “We are all in pain” about oil price slide but it was right decision for OPEC
• We cannot cut production every time prices go down, we should not panic

WTI crude is testing the Asia-Pac low of $56.42. These headlines are certainly not helping