ABU DHABI: The energy minister of the UAE said on Monday, the oil markets were well supplied while prices were reacting to political uncertainty in Egypt.

"Oil prices are reacting to events wherever they are. Events in Egypt have also contributed to the movement in prices," minister Mohamed bin Dhaen al-Hamli told reporters.

"The current price cannot be explained by the market fundamentals," he said on the sideline of an oil forum in Abu Dhabi.