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The oil market is balanced in terms of supply and demand and ”geopolitical changes” are the reason for the rise in crude prices, Qatar’s Energy Minister Mohammed al-Sada said on Sunday, according to Reuters.

He added that OPEC will take geopolitics into account at its next meeting.

Oil has rallied more than 20 percent in the last two months to the highest level since November 2014. At press time, Brent oil is trading at $83.21 per barrel, having clocked a high of 86.71 last week.