UAE oil minister says happy with oil market

UAE Oil Minister Suhail bin Mohammed al-Mazroui says with prices correcting higher, he is happy with the oil market.

VIENNA, May 31 (Reuters) – UAE Oil Minister Suhail bin Mohammed al-Mazroui said on Tuesday he was happy with the oil market, noting that prices had been correcting higher.

“We are optimistic. We are seeing that the market is correcting upward,” Mazroui told reporters in Vienna.

Oil ministers from the Organization of the Petroleum Exporting Countries meet on Thursday in the Austrian capital.

Oil prices rose on Tuesday, heading for the fourth straight monthly gain, with investors betting on higher U.S. fuel demand as peak driving season arrived in the No. 1 oil consumer.

(Reporting by Alex Lawler; Editing by Dale Hudson)