UAE Oil Minister Suhail bin Mohammed al-Mazroui said on Tuesday he was happy with the oil market, noting that prices had been correcting higher.

"We are optimistic. We are seeing that the market is correcting upward," Mazroui told reporters in Vienna, Austria.

Meanwhile, Nigerian Oil Minister Emmanuel Ibe Kachikwu said that the oil market was doing well, but declined to comment on when his country would be able to recover lost crude output.

"The market is doing good," Kachikwu told reporters in Vienna.

Oil ministers from the Organization of the Petroleum Exporting Countries (Opec) meet on Thursday in the Austrian capital.

Oil prices rose on Tuesday, heading for the fourth straight monthly gain, with investors betting on higher US fuel demand as peak driving season arrived in the No. 1 oil consumer. – Reuters