Saudi Oil Minister Says Oil Market Healthy

Saudi Arabia's oil minister Ali al-Naimi said on Wednesday that there is no need to worry about oil prices because the market is healthy.

"There is no need to worry because the market is in a very healthy condition," he told reporters in the Indian capital.

Prices fell 3% to hit $50.53 on Tuesday, the lowest level since May 26, 2005, after Naimi said OPEC production cuts were working well and there was no need for an emergency meeting of the producer group.