September 25, 2018 / 8:13 PM / in 7 months

After Trump's OPEC rebuke, UAE says oil prices driven by markets

FILE PHOTO: Minister of State for Foreign Affairs for the United Arab Emirates, Anwar Gargash, speaks at an event at Chatham House in London, Britain July 17, 2017. REUTERS/Neil Hall

NEW YORK (Reuters) - A senior UAE official said on Tuesday that oil prices were driven by markets, after U.S. President Donald Trump earlier rebuked OPEC and high oil prices.

“At the end of the day we all know that oil prices are driven by markets, by supply and demand,” said Anwar Gargash, UAE Minister of State for Foreign Affairs.

“These are not things that can be manipulated by a decision here or there and god knows in the past OPEC had tried to lift the prices up by deliberation. It depends on inventories, expectation for growth,” said Gargash, whose country is an OPEC member.

Reporting by John Irish; Writing by Yara Bayoumy; editing by Grant McCool

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