The United Arab Emirates (UAE) will continue to meet its customers’ crude demand and believes current prices are in a good range, the country’s Oil Minister, Mohammed Bin Dhaen Al-Hamli told reporters on Thursday.

Gulf Opec producers have shown no sign of trimming their output following the group’s meeting in mid-June when ministers agreed to adhere to a 30 million barrels per day (bpd) target.

“As for the UAE, our customers keep coming to us and asking for more so we give it to them,” Mohammed Bin Dhaen Al-Hamli said on the sidelines of an energy conference in Dubai. “We are happy with the price,” he added.

Benchmark Brent crude rose to more than $ 107 a barrel on Thursday.

The 12-member Opec’s collective output remained close to its highest levels since early 2008 in June, driven by strong Saudi and Iraqi output, according to a Reuters survey.

The extra supply makes up for Iran’s drop in exports which halved in the four months from February to June because of US and European Union sanctions aimed at discouraging what the West fears is an Iranian programme to develop nuclear weapons.

Oil rises

Meanwhile, Oil rose above $ 107 a barrel on Thursday to hit a seven-week high as Middle East tension brought supply concerns into focus and as more optimistic investor sentiment about the global economy bolstered the demand outlook.

Brent crude gained for a seventh straight day, rising $ 1.40 to $ 106.56 a barrel by 1258 GMT and hitting $ 107.48 earlier, the highest since May 30. US oil gained 83 cents to $ 90.70.

“Within just a week, prices have climbed by more than 8 per cent, primarily on the back of geopolitical risks,” said Carsten Fritsch, analyst at Commerzbank. “The increase in the price of crude oil is likely to continue in the short term.”

Analysts said the geopolitical concerns outweighed the latest US Department of Energy supply report on Wednesday, which showed crude inventories in the world’s top consumer fell less than expected last week.

Oil and other riskier assets such as equities have been drawing support from investor optimism the worst may be over for the global economy. European shares hit a 15-week high on Thursday, supported by upbeat earnings from companies such as Electrolux.

US government figures on Wednesday showed groundbreaking on new homes rose in June to its fastest pace in over three years, while Federal Reserve Chairman Ben Bernanke downplayed the risk of a double-dip recession.