Reuters cited Mr Abdullah bin Hamad al Attiyah oil minister of Qatar as saying that a rise in oil prices is not linked to supply and demand factors and there was no supply shortage.

He said that "I am confident the high oil price is not related to supply and demand not related to shortage.”

He added that there were signs that the global economy is improving. There is some in the world economy China, India growth has started again.

(Sourced from Reuters)