Oil prices fall as Saudi Arabia dampens prospects of output freeze
A fuel pump assistant stands next to an old fuel pump during the early hours near the village of Salwa at the Qatari-Saudi border, south of the eastern provience of Khobar, Saudi Arabia. Reuters

The oil market is balanced in terms of supply and demand, Qatar's Energy Minister Mohammed al-Sada said on Sunday.

"Geopolitical changes" are the reason for the recent rise in crude prices, the state-run Qatar News Agency quoted him as saying.

"There are developments in the oil market including supply and the increase in global demand, and these considerations will be taken into account at the next meeting of OPEC (the Organization of the Petroleum Exporting Countries)," he said.

Oil prices have been rising as U.S. sanctions against Iran's crude exports are set to start next month. Brent crude is trading at nearly $85 a barrel, compared to $65 at the beginning of the year.