OPEC's secretary general Abdalla Salem El Badri said on Tuesday that crude oil markets are balanced and that the current prices are at a comfortable level. The comments come ahead of a scheduled meeting on December 14 for the Organization of Petroleum Exporting Countries in Vienna.

Al Badri told reports in Riyadh that the market is currently balanced, prices are comfortable and I think we are going to the meeting with a positive atmosphere. His comments unwound the positive effect from the comments from Iraqi oil minister as he said the cartel was likely to cut output in the coming meeting.