Crude oil prices are high not because of fundamental factors but for other reasons and inventory levels are high, OPEC President Mohammed al-Hamli said on Tuesday."We still believe the market remains well supplied," Hamli told reporters before a conference in Istanbul. "Stock levels are high"."Prices are high not because of fundamentals but because of other factors," he added.
Hamli, also oil minister of the United Arab Emirates, has previously identified these factors as political tensions and refinery bottlenecks, especially in the United States. Source
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