Iraqi OilMin: Market is stable and prices are good, no need for production increase

Iraqi oil minister Luaibi has recently crossed the news wires saying that the oil market was stable and prices were appropriate and there was no need for an increase in the production. 

Luaibi has further added that OPEC was going to on June 23 and a discussion regarding a possible output increase was not even on the table. 

On Wednesday, the barrel of WTI lost more than 1% to settle below $65 after the data from the U.S. showed a surprise build in crude oil inventories.