The UAE oil minister Mohammed al-Hamli has said there was still some oversupply in the global oil market and that he was not concerned with prices hovering above $80 a barrel, Reuters has reported. “Market forces are the reason for the rise we are seeing in the oil price … we are not concerned about the price,” al-Hamli told reporters on the sidelines of a meeting of Gulf oil ministers in Kuwait. The minister added that he was unconcerned at levels above $80 a barrel, describing the market as “a bit oversupplied” right now.